We have been reading about the increasing number of foreclosures all across the country, and while Charlottesville, Virginia has not been hit as hard as many areas, it is no exception to this growing trend. You may be thinking that the purchase of a foreclosure would be a good investment opportunity. Before making that step it is important to understand the foreclosure process and to realize what is the best stage in that process in which to time your investment.
There is a good article by Glen Beck titled Not All Foreclosures Are Created Equal in todays Realty Times. This article explains what is involved in investing in foreclosures in the various stages of the foreclosure cycle. According to Mr. Beck:
"By far the best, easiest, safest, and most lucrative way to buy foreclosure properties at this time in the cycle is to be buying at the third and final stage of the process, that being bank owned properties (REO's) after the auction is over. Because of the huge volume of foreclosures now on the market at record levels, the huge number that will be coming in over the next 12-18 months, banks are lowering their prices daily just to move the inventory."
In addition Mr. Beck states that "As an investor and licensed realtor that has bought homes in all stages of the foreclosure process, for myself and amy investors and clients, I am directing my clients to take full advantage of what could be one of the best foreclosure buying markets we will ever see."
If you would like information on Charlottesville, Virginia foreclosures or Albemarle foreclosures, Fluvanna foreclosures, Louisa foreclosures, Orange foreclosures or Greene foreclosures, give me a call. I would be happy to speak with you about this section of our local real estate market.
Additional information on foreclosures:
Foreclosures – Not Your Typical Real Estate Transaction – Part 1
Foreclosures – Not Your Typical Real Estate Transaction – Part 2
Foreclosures – Not Your Typical Real Estate Transaction – Part 3
Contact
Pam Dent
, e-PRO, SRES, NHD, REALTOR®, Real Estate III, Charlottesville, Virginia at 434 960-0161, [email protected], to list your property for sale or to buy a property in the following areas in Central Virginia: Charlottesville, Albemarle County, Keswick, Glenmore, Ivy, Crozet, Earlysville, Free Union, Cismont, Scottsville, Fluvanna County, Troy, Palmyra, Lake Monticello, Louisa County, Louisa, Mineral, Spring Creek, Orange County, Gordonsville, Orange, Barboursville, Greene County, Ruckersville.
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Pam Dent
As unfortunate as it is for the families involved, foreclosures are a great way for buyers to get a great deal on a home. There are a lot of options out there, it is just best to find a realtor who can point you in the right direction.
There are good deals on foreclosed properties. Due to the risk involved and the complicated addenda, it is important to have a REALTOR who is experienced with foreclosures.
I agree with what you said that before buying a foreclosed property, we should know the foreclosure process. It’s very important to know because the property which you may be dreaming to invest on may get lost.
-Audrey