Everyone knows what foreclosure properties are and smart buyers want to know when they’re available for sale so they can save money. 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 a bargain. Some foreclosure homes are for sale at the same price as an 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 less attractive to most buyers. The reason it might not be for everyone is because the homes in disrepair need repairs, not everyone can do that. Now that you own them they aren’t worth more than when they were as a ‘foreclosure.’ But if you can bring a property in “bad shape” to “great shape” affordably, you may make a profit selling at the market price of a “great shape” home.
There are other ways to make sure you maximize your profits when buying a foreclosure or bank owned home and I’d be happy to assist you. Call Blake King for professional real estate service in Red Deer and Central Alberta (403) 350-7672.