According to Banker and Tradesman, about 16% of home sales this February were foreclosures and short sales. They
also say that unsold home inventory is up 5.3% from last year.
If you are a first-time home buyer interested in purchasing distressed property, what does this mean for you?
Basically, it’s a good time to buy a home. The price of homes are still low as a result of the economic recession, but
steadily heading upward. A larger inventory of unsold homes means that banks and homeowners will be more likely
to get rid of distressed property, and be more willing to take a lower price.
Buying foreclosed real estate, though, isn’t as easy as just plunking down money and calling it a day. There are a few
things you should keep in mind in order to make sure you get full value out of the sale.