4 reasons to Buy Foreclosure Real Estate - Seize the Opportunity
In July of 2007 the US had a total of 179,599 foreclosures registered. This was up a staggering 93% from July 2006.
For anyone thinking about getting into foreclosure investing, there coudn't be a better time - the supply of homes available or soon to be available at 20% to 40% below market value ( or lower ) is exploding.
Average people who have learned the skills needed in Buying Foreclosure Real Estate are making huge profits. Most have very little real estate experience - they simply have learned skills that are widely available to anyone - and then systematically implemented those skills.
More reasons to consider learning the art of Buying Foreclosure Real Estate...
1. Prices are Low / Profitability High - many of the foreclosures sell way below their true market value 20% to 50%. Foreclosures are always priced lower than normal real estate. These properties are easily turned around as resales or rentals.
2. Great for Fixer Uppers - Many of these homes need only quick and minor repairs. Significant profits can be made after a small amount of sweat equity is invested. Many times things like drywall patching, re-painting, minor landscaping etc.. Consider sweat equity against your profit margin - you may be surprised.
3. No Move in Delays - many times the foreclosed homes are vacant - making resale or renting revenue possible soon after closing.
4. Lower Closing Costs / Flex Financing Because banks don't like to hold onto assets like homes, you may get great terms regarding lower down payment requirements, closing costs and all other miscellaneous costs associated with thehome purchase. The seller who holds a foreclosed property typically has a strong motivation to sell the property. Anticipate flexible financing terms as sellers are usually in a hurry to get rid of t foreclosured properties ·
Read More: Foreclosure opportunity stages
Read More: Finding Foreclosure Properties