1. FORECLOSURES ONLY HAPPEN IN “BAD NEIGHBORHOODS”
There are countless factors that play into a foreclosure. A lot of foreclosures in the coastal region are on second homes, some that have been barely used and in plush resorts. With the recent economic down turn second homeowners have less residual income to support their ”vacation home” and have no choice but to let it go back to the bank.
2. FORECLOSURES NEED LOTS OF REPAIRS
This is just simply not true… Many homes need just the everyday maintenance and a lot of them are even in “move in” condition.
3. ALL THE GOOD PROPERTIES ARE BOUGHT BY “INSIDERS”
The foreclosure process is public knowledge – By law in South Carolina notice of sale requirements are posted in the courthouse and published in local newspapers 3 weeks prior to being sold. The best way to become an “insider” pay attention to the local markets and find a Realtor that has the pulse on the local markets.
4. BUYING AND/OR INVESTING IN FORECLOSED HOMES IS TOO COMPLICATED FOR ME
With the help of a trained professional buying a foreclosed home or REO property is actually as easy if not easier than a regular real estate transaction.
Don’t forget to check out our REO Information Page for more FAQ’s
Tags: Foreclosure, Investing, REO
