Anyone taking advantage of home foreclosures?

I’ve been hearing advertisments about home foreclosures. Has anyone had a good experience from getting a new home this way?

By | 2013-08-25T15:19:12+00:00 August 25th, 2013|Mortgages Home Loans Interest Rate|2 Comments

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  1. Stacy August 25, 2013 at 4:10 PM - Reply

    I bought a home that had been foreclosed, but it wasn’t at a giant savings. I bought mine from a bank, and paid maybe 10% less than the house is worth. I definitely did not set out to buy this type of home and would never recommend focusing solely on this type of home if I was still searching.

    Owning banks are trying to recoup as much as possible on a home on which they’ve suffered a loss. They aren’t always looking to quickly cut their losses and run; they might want to sit on a property for months waiting for the buyer willing to pay what they expect.

    Find a buyer’s agent, tell them what you want, and they’ll show you the houses that meet your criteria. Foreclosure is not synonymous with bargain.

  2. Palm Springs Real Estate August 25, 2013 at 3:38 PM - Reply

    Foreclosures are a great way to get a deal. They may take a bit longer to close than a regular purchase. I would work with a reputable Realtor in your area.

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