Everyone knows what a foreclosure property is and clever buyers want to know when they hit the market for sale so they have a chance to purchase them before someone else does. Remember, however, it’s not just important to find out what homes on the market are foreclosures, it’s important to know which ones are priced right.
Some foreclosure homes are for sale at the same price as the typical owner-occupied home. If a foreclosure is in good condition and for sale, in a strong market it will sell for market price.
The way to save when buying foreclosed properties, and it’s not for everyone, is to find ones in disrepair and therefore less attractive to the majority of buyers. The reason this type of purchase might not be for everyone is that the homes in disrepair need repairs and not everyone’s interested in doing repairs. Once you own a foreclosure it isn’t necessarily worth more than when it was a ‘foreclosure.’ But if you bring a property in “bad shape” to “great shape” affordably, you could profit selling at the market price of a “great shape” home.
There are other ways to make certain you maximize your profits when buying a foreclosure or bank-owned property and I’m happy to assist anyone interested in more information. Call Blake King for all your professional real estate service needs in Red Deer and Central Alberta (403) 350-7672 or email firstname.lastname@example.org.