It's Foreclosure Time

“An economist is an expert who will know tomorrow why the things he predicted yesterday didn’t happen today”.
Laurence J. Peter

Experts advise when buying foreclosures, one should buy low and sell high. Now is the low, the high is just around the corner. Interest rates are at an all time low so now is an excellent time to consider acquiring a foreclosure property. Below are some things to think about.
•Know before you buy. Know the market before you buy.Free information and guidance is available online at foresclosure sites and the National Association of Realtors site.
•Open your eyes to the opportunities that surround you. Even cities with high foreclosure rates have motivated sellers in sought after neighborhoods — where well-priced homes resell quickly. Consult with your favorite Realtor®.
•Make sure you know the current prices for comparable properties in the area. With markets in flux, your Realtor® can provide a CMA.
•Don’t be afraid to ask for a discount. To figure your offering price don’t forget to deduct the costs of necessary repairs and rehab. If you’re buying a property with plans to flip it, deduct from your offering price the cost of holding and selling the property until you find a buyer - remember to pencil in your profit!
•Don’t be derailed by marketing come-ons, gimmicks, and “insider secrets”. If it sounds too good to be true, it is.
•Beware of home auctions. Competitive bidding drives up prices. Instead of buying a house at discount, you could end up paying full market price or more when factoring in auction commissions and fees.
•Consider FHA as a low-cost, safe financing alternative. With new higher loan limits, interest rates at 35 year lows, and home buyer tax incentives, this is an excellent opportunity for you to buy low.