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For many months now, real estate foreclosures have been on the rise. We hear this on the news regularly. The causes are many – a major cause was the creative financing in the form of adjustable rate mortgages which now are adjusting upward.
More than one million foreclosure filings were reported in the United States this year. That represents 42% more than the foreclosures reported in 2005. The increasing number of foreclosures creates an opportunity for Real Estate Investors but have a different affect on the current market trends.
In Atlanta,Georgia most homes sold are ones that are priced right. This means the price that the buyer is willing to pay for the property today. For many homeowners this is not easy to do. It actually means the under priced homes are the ones selling in a reasonable amount of time.Inspection reporting repairs or other damage issue gives you a little more leverage in buying authortiy.
The purchases represent those who plan to occupy the home. The market is much slower and the appreciation in homes will continue to be slower for some time. The day of swift appreciation allowing investors to sell the home quickly for a substantial increase are over for the moment.
Purchasing a pre-foreclosure property might be the right action for you to take if you have been considering buying a home and felt you could not afford to buy one. You can get a better value if you do your due diligence. Research the market before you begin.
Many investors, will offer a pre-foreclosure property at below market prices,and some times request the home to be inspected. This allows the investor to make money but still move property more quickly. If you are able to find one of these properties, you can get a good deal.
As usual, do your due diligence.Always get a good home inspector to perform a thorough inspection so that you will no if any underlying problems that have been going unnoticed and significate damage could be present.This offten is the case with investors.Money needed that they never picked up on while walking through the property. Good luck! |
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