Recent reports showed that home sales activity in some markets have improved, mainly due to the increase in foreclosure sales. It would seem that these repossessed properties are attracting more and more buyers who are looking to enjoy the savings that come with buying them.
Of course, it is not only what kind of property that you should buy but also where to look for it. Even though there are literally millions of foreclosure homes for sale in the market, the best deals will still be challenging to find. If you are interested in knowing where the great bargains are, consider these amazing tips:
Browse languishing listings – most sellers become desperate if the property they are selling has been in the market for more than 90 days. You will be surprised at how agreeable these sellers are when it comes to discounts and incentives. In the same way, you can expect sellers of repossessed homes which have been in the market for just a couple of weeks to be a bit hesitant.
Look for Direct Sellers – if you are lucky, you can find properties on the brink of foreclosure. Their sellers are much more ready to negotiate asking prices just so they can avoid foreclosure. Look at default notices published in the newspaper or online internet databases to get some leads on pre-foreclosure homes.
Check Physical Condition – when in the market for a foreclosed home, it is always wise to thoroughly inspect the physical condition of the property in order to gauge if the asking price is justifiable. You can also try to check how much the other foreclosure properties in the area are being sold for. If you see a bargain, then do not hesitate to make an offer.
Right now, market conditions are perfect for buying foreclosure homes and you should certainly take advantage of such wonderful opportunities.
Leticia Carvalho has been educated in the finer points of the foreclosure market over 5 years.