Are Foreclosures Good Deals?

Foreclosures. That's what we all here so much about now days. Being a Realtor, I get asked all the time to find foreclosures for home buyers. But how good a deal are foreclosures? The simple answer is, it depends. Because so many people in the past bought homes with zero downpayment or very little down payment, the amount of money owed on the majority of these foreclosed homes is significantly higher than what they are worth. Most banks aren't willing to lose hundreds of thousands of dollars to get rid of their inventory. Many of them simply can not afford to right now. There are times when some of them can, and those are the times when people get a good deal on a foreclosure.

With so many homes on the market that aren't foreclosures, there are just as many great deals within these group of homes for sale. There are still a huge number of people that have lived in their homes for many years. These homeowners still have a great deal of equity, and many of them are in position to offer an incredible deal to a potential buyer to make their home stand out from all the competition. So how does someone get the best deal in today's real estate market? The answer is the same as it has always been - speak to an experienced Realtor with knowledge in the area you are interested in.

Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com