Buyer’s Flocking To Cheap Foreclosures At Auction
March 23, 2009, Writen by: Chris Anderson, Ph.D
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In Glendale & Phoenix, buyers have been grabbing up some incredible deals by attending foreclosure actions. As reported:
“A Glendale home that sold less than two years ago for $259,000 sold again three months ago for $113,000. A Phoenix home that fetched $190,000 two years ago just went for $45,900. A Queen Creek home sold for nearly $275,000 when it was built in 2005. Last month’s price: $78,000.”
While this makes for great journalism, one thing that we encourage our club members to remember is
WHO CARES WHAT IT SOLD FOR TWO YEARS AGO.
That is totally irrelevant information at this stage and the only thing that counts is current market information.
Before entering into any such transaction, make sure you know the critical pieces of information:
- Price relative to current market value;
- Cost to repair;
- All issues related to title; &
- Rental amounts (even if you don’t plan to rent);
- Your plan for exit
In these crazy days of real estate, make sure you don’t get caught up in the excitement but instead, know your plan and stick to it.
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- The Risks and Rewards of Investing in Foreclosures There are many different things to invest in these days. One investment route which individuals take is with regard...
- Florida real estate crash means Tampa Bay homes are too cheap, report says - St. Petersburg Times A new article lines up with what we are seeing on the ground in Tampa with probably some over...
- Foreclosure Auctions? Are You Really Getting A Good Deal? Have you heard about all the foreclosure auctions that are ongoing these days? These are auctions that are conducted...
- Property Appraisals: Declining Market Adjustment California is considered a “declining market” by lenders, the secondary market, and appraisers alike. Appraisers have been instructed to...
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