Tag Archives: foreclosed

7 Tips for Buying Foreclosed Homes

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In the US today, there are about 1.5 million foreclosures, and that number continues to grow.  Here are some great tips to keep in mind when buying a foreclosure as mentioned on www.CNNMoney.com

1. Don’t get caught up in a feeding frenzy

2. Contact lenders directly

3. Get pre-approved from the lender you want to buy from

4. Consider fix-ups

5. Hire a real estate attorney

6. Wait to make an offer

7. Tour properties with contractors

There are plenty of deals to be had on the Outer Banks.  Email sales@seasiderealty.com for more information on foreclosures on the Outer Banks

Bidding Wars on Foreclosed Homes

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Bidding Wars are breaking out as a result of falling homes prices.

In most of the nation, the supply of unsold homes outpaces the demand, and as a result real estate values are falling.  A major trend contributing to this oversupply is the increasing volume of foreclosures on the market.

However, even with oversupply, reduced prices on many foreclosed homes are driving multiple bid situations. Many real estate brokers are reporting that they are receiving multiple offers on their listings.

Tamby Leonard of Santa Ana, California, says that she has been outbid four times since January when trying to buy a home for her family of five.  The more appealing bank-owned homes in her price range tend to be sold quickly to investors that are able to pay cash.

The Federal Finance Agency recently reported that home prices nationwide have risen 0.7% in February from January.  It is predicted that these bidding wars will continue until prices become more stable.

First-time Home Buyers Help Boost Home Sales

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The National Association of REALTORS reports that 50% of all homes sales for the month of March were tied to first-time home buyers.  Many of these sales were for distressed and foreclosed properties. 

 

All-time low interest rates and federal tax credits are helping build this trend.  First-time home buyers are helping clear some of the oversupplied inventory and restore the economies of states that have been hit hard by foreclosures such as Florida and California.