Buying Foreclosures a Real American Opportunity!
When a new investor enters the market interested in buying foreclosures the first thing they they realize is that it’s not as easy as they may have thought. Being a successful investor takes time and effort and is not as easy as the shows on HGTV make it seem!
Foreclosed Homes and soon to be Foreclosed Homes dominate many of today’s U.S. real estate markets including Virginia Beach and Hampton Roads. Since late 2005 to 2006 the reality of this market has finally hit home for millions of American home owners.
A recent Distressed Property Survey study unearthed great information about where the opportunities are, how big they are, and how smart, capable buyers are leveraging the current market and making smart purchase decisions buying foreclosures and other distressed properties.
First-time home buyers make up almost half of all buyers of bank-owned foreclosures and short sale properties. This group is followed closely by investors seeking long term investment purchases of rental properties, and a third important group, the Move Up Buyer, these are homeowners who find they can move up to a bigger or better home they previously could not afford.
To help more consumers win as buyers, we are now offering a workshop, “Winning with Foreclosures,” that shows buyers how to prepare to be successful buying “distressed” properties. These homes according to research offer potentially a 10 percent to 40 percent price advantage, depending on the local market.
Be Ready, Do Your Homework and Get Ready To Pounce!
Things to consider when Buying Foreclosures
- Money: Buyers must be financially qualified and ready to buy. The best properties go quickly. Buyers must look strong to lenders. Click here to contact Toby Harris at Movement Mortgage for a Quick No Hassle Pre-Qualification!
William F. Harris III (Toby) Market Leader/Branch Manager
575 Lynnhaven Parkway, Ste 102 Virginia Beach, VA 23452
Cell: 757-729-5959 Fax: 757-320-1248
- Motivation: When Buying Foreclosures buyers must be motivated to compete successfully. At the discounted prices that must foreclosures are listed at many of them attract a substantial number of buyers so you need to be ready! We urge buyers in this market to be clear about both their “motivating why” and their criteria for the property itself (size, location, condition, floor plan, etc.)
- Location: Contrary to the rumors, prime buying opportunities exist in almost every neighborhood and price range.You’ll be surprised where the deals show up! Just about everyone has been affected by our economy in some way or another.
- Condition: When Buying Foreclosures buyers should understand that typical repair costs are not necessarily large. A recent Distressed Property Buying Survey shows the average cost to repair to be $5,000. That’s less than 3 percent of the median purchase price in the US today. Buyers that overestimate the values of the potential repair costs of a distress sale home, sometimes end up walking away from a great deal without knowing it! The question you should ask is: Do I know what I think I know? And…if I don’t, I should find out what I don’t know! Do your homework and know what your looking at!
- Expert Help: Finally, smart buyers that are buying foreclosures know they need to be even smarter. Our home buyer clients today team up with one of our Byrd Realty Group local distressed property experts. Our agents know local property, pricing, lenders, and the best listing agents. Our Byrd Realty Group distressed property experts give you a critical advantage in seeing a distressed property sale through from contract to close.
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So, bottom line is, if you are considering buying foreclosures or a short sale properties, have a talk with yourself first, check your financial readiness, and get with one of our Byrd Realty distressed property experts and learn everything you need to know, in order to get what you want in this market.
For a FREE confidential, no obligation Home Buyer Consultation please fill out the form below and we will have one of our Byrd Realty distressed property experts contact you shortly.