Investing in Real Estate: Buying Foreclosures | Real Estate Industry ...

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If you are looking for a real estate market that is primed for investing opportunities, then take a look around?that is our current real estate market. In today?s housing market, you can find a wide variety of discounted properties throughout the country?including foreclosures.

How do you find foreclosure deals, how do you make an offer on foreclosure properties, and is the foreclosure inventory ebbing? Find the answers to each of these questions below and determine if you?re making a smart decision!

Finding Foreclosure Deals

When it comes to finding foreclosure deals, it is important for you to consider local real estate markets. For example, just because there are incredible foreclosure deals in California does not necessarily mean that Los Angeles will have a surplus of foreclosure properties on the market. Instead, Los Angeles may have a strong real estate market with few foreclosures, while a city just down the road may be full of foreclosure investment opportunities.

During the last few months of 2012,?Cleveland, Ohio experienced a 141% increase in the sale of bank-owned properties?in comparison to the previous year. Plus, foreclosures sold for approximately 57% below market value. On the other hand, Santa Barbara, California doubled the number of short sales sold in the fourth quarter of 2012 in comparison to 2011, with prices approximately 38% below how much was owed on the property.

In short, when it comes to finding deals on distressed properties, make sure you search in areas that have a high number of foreclosures or short sales as well as a high average discount on these properties in comparison to the market value. One of the best ways to quickly find this information is relying upon foreclosure listings.

Buying Foreclosures: Making an Offer

Once you have found the perfect foreclosure property for your personal or investment needs, it is time for you to?make an offer on the property. The first step is to determine the Realtor associated with the property, which is who you will be making the offer to?the Realtor acts on behalf of the seller. Therefore, when it comes to bank-owned properties the Realtor is representing the lender. Once you make an offer, the bank will accept the offer, make a counter offer, or decline. The goal is to continue negotiating with the bank until you reach an offer that you are happy with and that the lender can live with.

Ebbing Foreclosure Inventory

It is important to understand that in the current real estate market many areas are experiencing a decline in foreclosure activity and therefore their?foreclosure inventory is ebbing. Therefore, if you are interested in investing in foreclosures and other discounted properties, start searching for your ideal property today?before these steep discounts become increasingly harder to find.

Source: http://www.wannanetwork.com/2013/03/11/investing-in-real-estate-buying-foreclosures/

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