Looking to buy a foreclosure bargain?
With the collapse of the U.S. real estate “bubble” in 2006, property prices have been on an uninterrupted decline for four years, pushing some 1.5 million borrowers to the brink of foreclosure. That has elicited interest from hundreds of thousands of foreclosure buyers and investors who are trying their hands at investing in distressed properties.
Consider Matthew Rush, a Philadelphia, Pa., home seeker who found success searching foreclosures.
“I was getting bits and pieces of information from several websites,” said Rush, noting he ended up using RealtyTrac to find a foreclosure to purchase. “Not only was RealtyTrac the easiest website to navigate, but it gave me all the information on one site.”
Like Rush, thousands of homebuyers are finding foreclosure deals on the Internet every day. Most foreclosure buyers, according to Rush, are interested in one thing — price. He said price was an important factor in purchasing his Philly home. Rush, who is starting a family and was concerned about overspending, said he was looking at pre-foreclosures (short sales), auctions and bank-owned REO properties that offered significant discounts.
“The foreclosure property I bought using RealtyTrac was not only in a fantastic neighborhood (I could never have afforded that neighborhood on a traditional sale), but my wife and I are in a real house — not a starter home, not a rehab — a real house,” recalled Rush.
This seeming bargain is no fluke.
Buying foreclosed property can lead to bargains 30 percent less than going through a conventional real estate transaction, with no greater risks for those who know what they’re doing, Rush said.
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