The negative information about real estate and the mortgage market is well documented in the news and on the Internet. While the real estate price correction and slow down is very real and painful for some of us; it is a natural correction and does create some positive opportunities. Today, let's talk about some of positives.
One example is, homes are still selling. In past slower markets there have been much more strict loan requirements; here that is not the case - yet. Each day, there are emails in my in box noting new loan guideline changes; however for people that have good credit and some cash there is still a big opportunity.
Now really is a good time for people that are looking to upgrade to a larger home or buy income properties, vacation homes or second homes.
Here are a few ideas for you... Bank repo's, foreclosures, short sales and the properties that are priced to compete with them.
There are some home owners that really do need to sell right now - here are the benefits of buying these homes; ease of purchase, less competing buyers, seller warranty and often times better maintained homes.
There are some properties that are in default and/or foreclosure. This would include:
Short Sales: A short sale is where an owner owes more than the property is worth and the seller is asking the bank negotiate the sale for a lower return. The house is 'upside down' and the seller needs to show a reason/hardship to the bank...the bank makes the final determination. While there are some deals to be made, it is a lot of work and many times not fruitful because after finding a home, negotiating with the seller, completing inspections and appraisals; the lien holders still have final approval and can reject the offer, leaving potential buyers at 'square one'.
Trustee Sales: This is an opportunity for buyers with cash or a credit line available. On the court house steps, they conduct an auction where buyers can purchase homes for sometimes 15-20% under market value. This is a great way to buy at reduced prices and there are a couple of sales like this each week. I can provide you with a list of properties that are coming up, in areas you request. On a side note, I am looking for a financial partner to do this with me in the future (If you are interested, email me and I will give you more information).
Bank Repo's: There are many homes now listed that are ready to be sold. These homes are sold at a 5-10% savings. Most of these can be found on the MLS. If you would like a list let me know what areas and the price range you would be interested in and I can send it to you.
Many people are afraid to buy right now. There is money to be made in real estate through sales and investments (I know, because I've made some money myself). The time to buy is when no one else is buying (like now) and sell when no one else is selling. You know they saying - Buy low, sell high!
If you have questions, please call or email me. I have time for you and those you care about that need great advice with their real estate decisions.
Frank Grangetto
of The Grangetto Group/Realty Executives
Your Innovative, Energetic Real Estate Consultant with Integrity"
Office: 760-525-4228
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