More Homebuyers Are Likely to Buy Foreclosed and Pre Foreclosure Homes- By: John Cutts
An informal survey by SC Biz News showed that more home buyers are willing to buy pre foreclosure homes and foreclosed dwellings than regular residential properties. Although the difference between the two types of buyers is not much, potential buyers of foreclosed houses still edge off those who are afraid of investing in distressed homes.
Most respondents also believe that properties under foreclosure Charleston home auctions and foreclosures in other areas of the state should be sold for a cheaper price than regular dwellings. According to them, most distressed dwellings are in need of renovation and upfront expenses for appliances and maintenance.
In terms of whether it is important for them to know whether a house is part of South Carolina foreclosure auctions or not, an overwhelming 93% of respondents stated that it is important for them to know whether a residential property is under foreclosure before they make any decision to purchase.
One of the concerns expressed by majority of respondents is that foreclosed dwellings and pre foreclosure homes might be under-maintained or in poor condition. They did admit however, that purchasing a distressed house at this time might be a better investment than three or four years ago. According to them, the housing market crisis has resulted in significant discounts and has forced a lot of banks to favor buyers just to get the properties off their books.
For some, the decision to purchase a house under foreclosure auction listing should be made based on the financial status of the buyer. They stated that a buyer should consider the amount of money that he or she can afford to shell out and whether the property in question is worth the purchase price.
When it comes to the possibility of purchasing foreclosures, most Upstate respondents showed a willingness to go for distressed homes. Only 27.9% stated that they are less likely to buy a foreclosed property. In the Lowcountry and the Midlands, 21.4% showed an unwillingness to buy foreclosed residential properties.
Over 90% of respondents also revealed that, prior to conducting an ocular inspection of residential properties; they prefer to know whether the houses are pre foreclosure homes or foreclosed residences.
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John Cutts has been educated in the finer points of the foreclosure market over 5 years.