Foreclosures...Always a Good Buy?

Everyday I get at least one phone call from someone looking for a good deal and the word foreclosure always follows. Why is it that our culture always believes that sales and discounts and foreclosures must mean we are getting the best deal?

Sure some sales and foreclosures are great deals, but one has to look at the context of the situation. The majority of foreclosures are sold without repairs and have been vacant for extended periods of time before they hit the market. Many of the foreclosures on today's market would not even qualify for an FHA loan due to the condition of the property. And lets face it, banks aren't exactly willing to just give the property away.


In today's market many sellers that are not in financial trouble are ready to wheel and deal. These are houses that are well cared for with sellers that will generally make repairs and negotiate. A good deal doesn't have to be a distress sale!


The foreclosure market is not for the faint at heart, expect longer waiting periods and lag times to have agreements signed and at times odd requests from the selling bank. And remember that in a foreclosure, an inspection becomes key and you should take a long hard look at the property prior to making your offer.


And if you are a property owner that is facing forclosure you can get advice on how to handle the situation from Family Services - The Home Ownership Resourse Center.


http://www.familyserviceschassc.com/home_ownership_resource_center.asp


Below are some foreclosure numbers from the staff at SCBIZ Daily --


Year-end foreclosures top 2.3 million across U.S.

Monday, 19 January 2009


SCBIZ Daily Staff CHARLESTON -- More than 15,000 properties across South Carolina went into foreclosure in 2008, according to RealtyTrac, a national real estate tracking firm. Of those properties, 4,333 were in the Greenville-Spartanburg-Anderson area, followed by the Charleston-Dorchester-Berkeley region with 3,501 homes that went into foreclosure.The rate of foreclosures might be contributing to the glut of homes on the real estate market, slowing sales in the region and creating an extreme buyer's market, real estate agents say. Foreclosures in the Lowcountry, however, did fall between November and December from 678 to 378, a positive downward trend. In its annual and monthly foreclosure reports released this week, RealtyTrac said filings were reported on 303,410 properties nationwide in December, up 17% from the previous month and up nearly 41% from December 2007. To end the year, more than 2.3 million properties across the U.S. were in some state of foreclosure, an increase of 81% from the previous year. Greenville County posted the largest number of foreclosures for December, with 590, and the most in 2008, with more than 2,500 foreclosures last year. Five counties posted more than 1,000 properties in foreclosure, including Charleston, Berkeley and Dorchester. By contrast, in 2007, Lexington County had the largest number of foreclosures in the state at 499. Nationally, the majority of foreclosures were in Nevada, Florida and Arizona. For example, one out of every 14 homes in Nevada was in some state of foreclosure in 2008.


Year-end foreclosure numbers

County 2008

Greenville 2,540
Spartanburg 1,053
Anderson 740
Richland 1,305
Lexington 1,200
Berkeley 906
Charleston 1,716
Dorchester 879

If you have any questions or would like to discuss the possibility of having me represent you on the sale of your home or the purchase of a home, you can contact me directly at 843-224-5398 Owen Tyler, Realtor®, Carolina One Real Estate.