Bank owned foreclosure properties represent some of the best bargains available in today's buyer's market. There is so much interest in foreclosure opportunities that the term “Foreclosure” has become the top real estate related keyword word search on most real estate websites and major search engines.
There are a lot of misconceptions about foreclosure properties. Many buyers mistakenly equate a foreclosure with a property in need of significant repairs. They've heard stories of homes that have been gutted of all useful appliances and fixtures or totally trashed. This is the rare exception and not the rule.
Most foreclosure properties are in the same condition as other properties for sale in the same neighborhood. Many need little more than some yard maintenance, fresh paint and new carpets to be move in ready. Some may require more extensive updating to suit the buyers needs. Very few require extensive repairs and upgrading.
A small percentage of foreclosures are true treasures, both in value and condition. These fall into two general categories. Those that are new and have never been lived in and those that were completely remodeled by the owners prior to being foreclosed on.
Many builders got caught by the real estate downturn and were unable to sell recently completed homes and condominiums. These “new” homes are now available form the foreclosing lenders at true bargain prices.
Many condominiums in resort areas like Myrtle Beach, South Carolina were purchased new or pre-construction by investors at the height of the real estate bubble. When the market nose dived they were left holding properties they could not “flip” or lease. Beautiful new luxury golf course and ocean front condominiums that sold for over a million dollars in 2006 are now being sold for 50 to 70% less by foreclosing lenders.
Other home owners and “flippers” or “rehabbers” completely remodeled and upgraded their properties during this same time frame hoping to take advantage of the high prices to maximize their resale profit. Again, the bursting housing bubble forced many of these properties into foreclosure.
There are truly more treasures than trash in our local foreclosure market. Whether you're looking for a 2nd home, a new principal residence or an investment property you owe it to yourself to look at some of these “turn key”, ready to move into, foreclosure treasures.
Michael Childs and Mellisa Terrill are real estate investment partners and a licensed real estate agent team in Myrtle Beach South Carolina. Mike and Lisa use their experience as investors to help their clients find and negotiate the best possible deals. Email them at info@forsaleoptions.com or visit their website www.forsaleoptions.com
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