My New Blog

First I want to say Thanks to Matt Costello and Madcitydigs for a great weekend of foreclosure hunting. Madcity Property and Madcitydigs teamed up to caravan with a group of interested investors and home buyer looking for a great foreclosure bargain. We viewed 10 foreclosure/Bank owned properties on Saturday. What we found was just what we thought we would find when we all started out on this little caravan adventure. For those of us that have been working the foreclosure market for a while now, we knew we would find a very wide variety of properties in terms of styles, prices and conditions. What we found was just that a mix of styles, prices and most of all conditions. We expected to find properties that are in need of lots of work and we did. The ones that need a lot of work are still valuable properties for the right owner that has the knowledge and the skill to bring them back to life. The thing that was most surprising to some was, we found a lot of properties that are on the complete other end of that scale, we looked at properties that are less than 3 years old and in almost new condition and yet still priced to make them a very good deal with discounts around 10% off market. Although they are not the great deals with prices that many unrealistic buyers think they are going to find out in the foreclosure market, for the right buyer looking for a newer home that is in great condition; a ten percent discount is a big deal. What I think most of us set out to find was that diamond in the rough and we were not disappointed. There are some homes out there on the market that only need some cosmetic work to turn them around and make them winners. It is amazing what a little paint, new carpets and a little clean up will do for a property. They don't last long so if that is your game you need to be prepared to write offers because they are not going to be on the market for long. Overall the caravan was a great time. We met a great group of people that have very diverse wants and needs. I think everyone got a chance to see something that they had at least some interest in, maybe not the property they are ready to buy on the spot, although some did write offers, I think we all walked away with a much better understanding of the foreclosure market and what you will get for your hard earned dollars. If you dare to venture into the foreclosure/ROE market remember some homes you see will be that diamond in the rough and some will be just down right rough! There is a lot to choose from and a lot to look at but in the end there are some really good deals out there if you just know where to find them. If you are thinking of heading into the foreclosure market make sure you take along someone that has some experience and knowledge of this unique market. Go have fun but always be aware of the land mines involved. We have nothing but sympathy for homeowners in foreclosure and nothing we say here is intended to victimize them or worsen their situation. However, let's be realistic, in any kind of market, there are buyers and sellers. If you've been priced out of homeownership the last several years, this may be your chance to get a home of your own. For first time home owners this really is a great chance to get into the real estate market that has kept you out with high prices, add together the price adjustment and the $8000 tax credit and you have opportunity knocking on your door. You shouldn't feel guilty about buying a home that's been foreclosed -- you didn't make it happen and if you don't buy the home, someone else will. If you are interested in the foreclosure market give us a call and let’s talk about your options in a foreclosure home.