As I experiment with making videos it occurred to me to make a few videos regarding how to buy a foreclosure.
In the past 18 months I have learned a heck of a lot about the whole foreclosure buying and selling process.
Every day the market is changing.
A year ago if I showed you a house for sale that had missing appliances or a torn up carpet, I would say , "let's ask for those items to be replaced when we write our offer."
The seller ( the bank) would often agree. They would also pay for a home warranty and up to 4% for closing costs.
One of the first foreclosures I sold even reduced the price by $5,000 after we inspected the property.
Well now that the prices have gone down tens of thousands of dollars since last year and everyone is clamoring to buy, the sellers are no longer interested in replacing carpet, or painting or fixing most things.
The down side is that you have to buy your home "as-is". The plus is that you are getting a much cheaper home than you would have a year ago, at least where I live.
I would rather take a home that needs carpet and paint and get a discount of $50,000 off of last year's prices.
Are prices going to continue to slide?
Who knows. I am seeing homes selling for $20,000 to $40,000 above asking price in my area, so if this keeps up, we should see a whole different market in 2010.
I am seeing people buy at the trustee's sale for cash, fix and flip and make a huge profit.
There are even people who are buying retail, fixing and flipping!
Even with record unemployment, first time home buyers and investors are buying like crazy.
So if you would like a list of foreclosures, let me know, before they are all gone!
http://www.jimmeyerandassociates.com/
Meyerjames@Aol.Com
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