Curb Your Enthusiasm - Short Sale Fundamentals
 
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16
Dec

Curb Your Enthusiasm

No, I’m not talking about the hit TV show.
I’m referring to the results of a new survey
released by RealtyTrac regarding buyer
enthusiasm towards buying foreclosed proper-
ties.

The latest study shows that 43% of buyers
are at least somewhat likely to consider a
foreclosed home when buying in the future.
This is down substantially from 55% in the
May survey.

Apparently most of those surveyed were
concerned about various issues when buying
such a property including: hidden costs,
risk, and depreciation. The SVP of Realty-
Trac believes that people who have these
concerns are probably just unaware of the
protections in place for buyers of fore-
closed homes. He believes that these
misunderstandings will be cleared up and
buyers will begin to take advantage of the
great bargains on the market.

Guess whose excitement for these great
bargains hasn’t waned? That’s right, real
estate investors lead the pack, followed by
current homeowners looking to "move up" and
finally renters.

[If you've finally decided to get moving in
this market, you can use this info for
targeting very specific markets.]

Another factor which is set to cause

interest in foreclosed properties to rise is
the expansion of the housing credit. Also,
renters thinking of buying are willing to
look at these homes. And while unemployment
levels begin to stabilize, foreclosures may
play a large part in the 2010 housing
market.

And don’t think buyers expect a finished
product. According to a study done by Trulia
Inc., the average person is willing to
invest up to $30,000 on fixing up a fore-
closed home. (Incidentally, that money
will also go towards stimulating the
economy.)

So if you’re going to walk away from this
email with anything, keep these points in
mind:

****People are very interested in buying
foreclosures, they just expect a discount.

****Renters looking to make the move to
owners are a good target.

****The home doesn’t have to be in great
condition to be sold.

I’ll continue to keep you posted on the
latest trends.

  • http://coming Deborah

    Hello Cory,

    So, If I buy an REO that’s in good enough shape to flip to an owner occupent, how do I get my assignment fee? Or, do I have to do the one day close to re-sell like I would an A-B, B-C closing?

    Thank you.

  • Michele

    How do I get financing or who will finance my REO purchases or short sale purchases if I dont want to flip them right away? I am not employed but have $10K to work with and excellent credit.

  • Kelly Harper

    I think foreclosures will continue to play a big part in the housing market in 2010. Current homeowners wanting to “move up” are interested in buying REOs especially when they know that there is money available to fix up the home. Investors are always looking for great deals, and there are plenty of great deals to be found in REOs. It’s a good time for renters to buy too because they can get in a home at a discount especially compared to what homes were selling for a few years ago.

    Kelly H., Virginia



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