Discount Foreclosures
Mayfair Group: Which is the best option- foreclosure, short sales or new homes?
Mayfair Group: Which is the best option- foreclosure, short sales or new homes?
Home buyers are getting more and more aware of the various options available in property market. In U.S. an increased supply of foreclosure homes in 2009 raised awareness about the bank owned properties and investors are taking calculated risks as they plan to invest in these properties. In 2009 foreclosure properties were sold at dirt cheap prices but investors were hesitant to spend due to the negativity prevalent in the market.
Foreclosure homes: Buyers spending on foreclosure homes invested for a second home, a bigger home, a home located in the preferred location or rental – homes. Investors are searching for low cost properties in preferred area and the new investors are also inspecting the neighborhood and other features.
Low cost foreclosure properties are bank-owned properties and its price depends on market biddings. The discounts provided by bank-owned properties vary from 20% to 70%.Realtytrac found the average discount provided by bank owned properties is 34% in Q1 2010.Foreclosure properties or bank owned properties are sold at heavy discounts because banks want to clear the properties as soon as possible and it does not wait to get the ideal buyer or a predefined price.
Buyers investing in foreclosure properties can inspect the property and estimate the total investment which will be required for refurbishments and buying .Sometimes foreclosure properties have major problems such as leakage in pipes and the refurbishment cost can be very high. A foreclosure property has the risk of having a poor record of being vacant for a long time and it is advised to contact a real estate firm to inspect the property to estimate the cost.
Sometimes, you get expensive beautiful homes at heavy discounts and to bid for such valuable properties, you need to be aware of it.
Short sales: What are Short sales? Buyers who are not in a position to pay back the mortgages may agree to sell the property for a low cost in market. Short sales are not discounted like a foreclosure and you may get less than 10% of discount on short sales. Another disadvantage of short sales is that if the seller is not confident of selling the property, the investor may have to wait for long.
New homes sales: As the housing market is improving, many buyers are contacting builders to invest in new homes. The major drawback of new homes is its price as there are many options for low cost properties available in market. Some builders agree to negotiate the price but most of the builders are not ready to reduce prices.
For a new home one has to pay at least 20% in premium and even for a new home , the investors have to investigate the location, neighborhood etc .A new home may need at least 40% of more investments as compared to foreclosure homes and sometimes , one can get new or unfinished foreclosure home at a great discount.
In Detroit, Mayfair Group provides three – bed detached foreclosure house at a low price of $42K and the price includes the cost of refurbishment, first year taxes, first year insurance, annual charges etc. The firm provides asset management such as refurbishments, relocation of a tenant and collection of rents. Many overseas buyers have invested in foreclosure properties in Detroit through Mayfair because it provides profitable deals in Detroit , the city which has a supply of more than 30,000 families ready to take quality houses on rent.
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