Foreclosures....is the Stigma Gone?
Foreclosures were once considered "Damaged Goods" but now they seem to be referred to as "Hot properties" according to the recent article in the Christine Science Monitor.
Realtors are reporting bidding wars with multiple offers being submitted on distressed properties. The interest in Foreclosed properties has been growing rapidly over the past few years. The National Association of REALTORS® conducted a survey back in 2009 and only 1/4 of buyers said they would consider buying a foreclosed home. A recent survey conducted in May, 92% of buyers now would consider buying a foreclosed home. Not all foreclosures are in poor or bad shape, some are in posh neighborhoods and are in fair to good shape, the owners just happen to fall into dire straights with finances. Those foreclosures that are in fair to good shape tend to come with a big discount for the buyers with the winning bid.
With inventories of for-sale homes shrinking, more buyers are having to explore other options and may be less scared of buying a foreclosed home than they once were.
Source: Realtor.org
Realtors are reporting bidding wars with multiple offers being submitted on distressed properties. The interest in Foreclosed properties has been growing rapidly over the past few years. The National Association of REALTORS® conducted a survey back in 2009 and only 1/4 of buyers said they would consider buying a foreclosed home. A recent survey conducted in May, 92% of buyers now would consider buying a foreclosed home. Not all foreclosures are in poor or bad shape, some are in posh neighborhoods and are in fair to good shape, the owners just happen to fall into dire straights with finances. Those foreclosures that are in fair to good shape tend to come with a big discount for the buyers with the winning bid.With inventories of for-sale homes shrinking, more buyers are having to explore other options and may be less scared of buying a foreclosed home than they once were.
Source: Realtor.org
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