In the last Couple of weeks The Lake and Town Realty Office has been asked great amount of questions on.....you guessed it.....
Foreclosures – is it a good idea?
To answer this question fully we must educate our customers and clients before we can even answer because as we know, every situation is different!
For the average buyer out there it is difficult to take advantage of this. They only give you 30 days to close. You must be ready to close fast! In most cases, you cannot view the interior. This also leads to a high degree of risk. So, what may be perceived as a “deal”, just
might not be such a “deal” after all. You always hear of the person
who made a bundle of money doing this. We seldom, however, hear of
the losses one might incur with these!
This doesn’t mean you shouldn’t ever venture into the foreclosure
market. You might go partners with someone who has experience with
foreclosures.
You must study end value after renovating or upgrading, or resale
value in the current market. This will help determine the price you
should pay at foreclosure .
Speculation may be an issue. But, speculators often get burned in the process.
Good sound business practices will gain you much more. Although
slower, long term it is more financially rewarding.
Some good businesses practices are: good cash reserves, adequate
income, risk tolerance, good work ethics, and good cash flow analysis.
With all this being analyzed, your goal of buying foreclosures can be a winner.The bottom line is preference and if your willing to take the extra mile!!
If you have any more questions or want a home search click on one of the links below.
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Compass Real Estate Group
Residential Real Estate
Property Management
Internet Marketing
15245 Waterfront Dr. Huntersville, NC
(704) 625-0708 (Office)
(704) 625-0860 (efax)
www.mycompassrealestate.com
