This article by Ilyce Glink at InMan News is a great first step for anyone considering purchasing a foreclosed property. Click Here to Read: Look Before You Leap
This article confirms something that I have been telling my clients for over a year - while there are some good deals out there in foreclosures, you need to do a lot of homework in order to find those deals and make them happen. For your average homeowner, the investment of time that is required just isn't worth the savings. And in many cases, once you've purchased your "great deal," then you've still got a ton of work to fix it up before you can even move in. And some cases, you can't even get inside the house before you buy it!
Meanwhile, prices have been coming down, and there are some good opportunities to be found without going through the extra investment of time and energy required for a foreclosure.
AND, as you know I am the perennial optimist, I really think that things are picking up. There has been a flurry of properties going under contract over the past couple of weeks. I have one contact pending now. I had another one, but the deal fell through during the attorney review and inspection period - the buyer got cold feet. And I have been negotiating another deal all day long today - I hope to have that one tied up later this evening or first thing in the morning.
Stop by my open house at 368 Ridge in Highland Park this Sunday from 12 - 2pm - great ranch on over 1/3 acre!! www.368Ridge.com.
