Sacramento Foreclosures: Best Buy?

Yes, foreclosures are a good deal right now. That’s a given, however, I find that in talking to many consumers that they are not always clear on how a foreclosed property is priced.

It’s important to understand that because of all the foreclosures on the market right now, meaning, there’s a ton of inventory, that ALL prices are being driven down, not just foreclosures.  It’s also important to remember that many foreclosed properties are in dire need of repair. It might be as simple as new paint and carpet, or it could be thousands in dry rot and structural work. The banks generally don’t want to pay for these repairs, hence the lower the price so that the buyer can assume the cost of repairs.

While there are thousands of banks and they all do things their own way, most banks are not paying for repairs. They will have the house “trashed” (take away the garbage and debris left behind), but that’s pretty much it. The caveat, however, is that I’ve seen a few banks that will actully go in an upgrade or clean up the property in an effort to get top dollar.

Another thing to be aware of is that foreclosed properties might get listed at a super low price. This is done to promote a quick sale. In my own experiences, I have seen these super low prices result in flurry of offers (the intention of the bank) and the property might sell for well above asking price.

The truth is, there has never been a better time to buy a home. Our Sacramento inventory is replete with houses to fit all needs and price ranges.

I hope you enjoy this short video that shares these same ideas. For help finding the perfect Sacramento home for you, call me! Tamara Dorris, 916-482-5834 or email me at Tamara2@surewest.net

Thanks!
Tamara