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Foreclosure Frenzy
May 4th, 2010 10:07 AM

Distressed properties account for a large part of today's housing market; however, after some consideration, most buyers choose to keep looking rather than purchase a home in foreclosure. 

According to the National Association of Realtors survey report for 2009, almost half of all buyers and 56% of first-time buyers  considered purchasing a foreclosed home but ultimately did not.  This survey revealed several factors that went into buyers' decisions not to move forward with a foreclosed property:  25% of buyers could not find the right home, 17% thought the home was in too poor condition, and 16% felt the process was just too difficult.  In actuality, only 10% of buyers ended up purchasing a foreclosed home.

In today's difficult market, there are so many homes for sale that are not in distress and that have been priced properly for this market.  Educated sellers know they can no longer make the extreme profits of several year ago, and many are even willing to go to closing with excess funds if necessary.  These "normal" home sales are priced low, usually in very good to excellent condition, and are still somewhat negotiable on price.  Some sellers are open to giving other concessions, such as home warranties, credit for closing costs, or home furnishings. 

These "normal" sales can close quickly without the red tape, endless paperwork, or headaches and stress of a foreclosure.  There is much more to consider in this market than only distressed properties.  So many buyers  are only looking for foreclosed properties, thinking these are the only homes to get a "deal."  The truth is, the real deals are the homes that are priced right, in good locations, and in excellent, move-in condition!   Don't let the "foreclosure frenzy" fool you!!! 

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Posted by Barbara Doeringer on May 4th, 2010 10:07 AMPost a Comment

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