Quite naturally, anyone with a bit of cash to spare these days is going to be attracted to some of the big bargains on offer when they look around at all of the foreclosures in their area. But while there’s definitely potential to make money with this kind of investment, a foreclosure transaction can be quite a tricky hurdle for those who are new to this game.
Those who are new to buying foreclosures need to pay attention – there are a number of things to look out for before jumping in headfirst and snatching up the first bargain-basement home they see.
First of all, above all else, make sure that the deal really is good value for money. Before going and making an offer on a home, buyers should carefully review the value of a home by checking comparable sales price data in the local area, says Daren Blomquist of RealtyTrac. Other factors, such as the number of schools nearby and the kind of amenities in the area will also have an impact on a property’s value.
Read the rest of the article at Realty Biz News
Most people might not think that the area can have as much of an impact on home value as the house itself - very sound advice!
ReplyDeleteGood time to move to California since most house prices have dropped significantly in the past 2-3 years. I'm sure they will eventually go back up.
ReplyDelete-Jack @ Foreclosure advice