Foreclosures have created a frenzy on the market among those “looking for a deal” and savvy investors alike.  Those in the first category look to maximize their dollar by purchasing a property for cheap and fixing it up they way they like.  It does sound appealing – buy a home for cheap and get to choose the upgrades, ultimately customizing the home to your taste while saving money.  Many of these buyers are driven by the desire to make a deal, but often bite off more than they can chew.  Most foreclosures are in rough shape and require experienced tradesmen to restore the home to a livable and safe status.  That being said, some foreclosures do not require much work to be livable.  If you are in the market to buy a foreclosure, you can definitely achieve your goal of saving money while finding a great home for yourself.

A few things to remember when looking for a foreclosure to purchase:

• Choose your real estate agent wisely.  They can advise you on the right balance between savings and the amount of work required to fix-up the home.
• Make sure you not only have money to purchase the home, but money to pour into fixing the home and making it livable.
• Don’t get emotional.  Foreclosures must be viewed in a logical manner.  You have to examine both the costs of acquiring the foreclosure and making it livable.  Hopefully, both of these costs together will be less than the cost of purchasing a livable non-foreclosure.
• Get an opinion from a reputable tradesman in the construction field.

The second main type of foreclosure buyer mentioned is the investor.  The investor looks to buy a foreclosure for a price at which they can make the home livable, and sell for a profit.  The market is flush with experienced investors who have made foreclosures their profession.  Most of these investors are very knowledgeable in finance and construction.  They have the vision and experience to look at a home and see it as a finished product, while evaluating the financial risks such as construction and holding costs once the home is ready.

I have a depth of experience in foreclosures and the foreclosure market.  Let me help you search for, evaluate, and help you purchase a foreclosure.  Whether you are a buyer looking for a deal or an investor looking for profit, I can help you with your purchase.  You can be confident with me – I keep track of the foreclosure market.  I have consulted many buyers, and I have even written on the topic for the Houston Chronicle.

About the Author:
Michael Blount Jr is a Realtor and the Broker of Blount Properties, living in The Woodlands, TX.  Michael is knowledgeable in both residential and commercial real estate and studies the market and trends to better serve his clients.  Michael serves the greater Houston metro area.  For more information – visit www.BlountUSA.com or search for Blount Properties on FaceBook.
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