Want a great deal in real estate? So does everyone else. I had a friend ask me earlier this week: “Can you help me find a good deal on some land? You know, a foreclosure?” Of course I said, “Yes, but…”
Myth #1: In order to get a good deal you have to buy a foreclosure.
Not true. Because we have had so many foreclosures in the market non-foreclosure homes that are up for sale are having to compete for the same buyers, which means they have to be priced competitively with the foreclosures. If someone needs to sell their home you are going to get a good deal right now.
Myth #2: All foreclosures are trashed and in need of major repair.
I have been in some foreclosures that were down right scary, but I have also been in several foreclosures that didn’t need anything more than paint and carpet replacement. Guess what, I see lots of non foreclosed homes that needed the same thing (and more).
What other questions do you have about foreclosures? Any other myths out there?