I’ve been getting a tremendous amount of hits on my website (www.philgodlewski.com) asking about Foreclosures, and how to find them.  Well, the easiest way is to ASK ME!  As a Realtor, I have access to any Foreclosure that is listed with a broker on the entire Multi-List system.  Before you go ahead and pay $20 to see some sort of “list” of Foreclosures in the local area, save some time and money and simply ask me to hook you up.  With that said, there are some things you probably need to know about Foreclosures, that most people take for granted.

Anytime a home goes into “foreclosure” status, it is almost certainly going to be in pretty rough shape.  Most of the time, the home has been empty for an extended period of time, since the original sellers have moved out, and the bank that currently owns the home was not willing to maintain the property. A lot of times, the home will be “winterized”, which means the plumbing pipes have been drained and the water turned off, and the electricity may also be turned off.  Foreclosing banks do not like to pay electric bills, or risk having the pipes freeze and burst over winter months.  I’ve heard horror stories about angry owners being forced out of their homes by the bank, and damaging the property before they left.  This damage could range from drywall holes in the walls, to stolen copper pipes in the basement.  It’s unfortunate, but it certainly does happen.

Another thing you should know, if you’re looking to purchase a foreclosure property, is that you need to move FAST.  You cannot wait weeks, or sometimes even days, before you put an offer on a property.  Foreclosures sometimes get multiple offers in just a matter of days, and if you choose to wait in order for your entire family to go on multiple showings, you may easily miss out, or get out bid.  Before looking at foreclosures, you should have your financing in place, and be willing to write an offer the same day.  A lot of foreclosures are purchased with cash, but it is not necessary to use this type of financing.  Banks are still giving lines of credit to qualified buyers.

In terms of the market, now is probably one of the best times in the history of home buying to purchase foreclosures at a very discounted rate.  90% of the time, foreclosures are priced FAR under market value, and you can find instant equity in a property.  As mentioned before, you will almost certainly need to put a fair amount of work into the home before getting the property ready for resale. But if you are thinking about becoming an investor, the time is NOW!

There’s no telling when this market will change.  It could be tomorrow, or it could be a year from now.  We have seen recent signs that things are picking back up in terms of home values, purchasing trends, and bank lending.  My advice is to BUY NOW!  Whether it’s a foreclosure, first time home, or down sizing from your current home.  You will not see a time in the housing market better than 2009/2010 to purchase a home.  Take advantage of it!  Call me for some more helpful tips that could get you on your way to investing in Real Estate!