Are Foreclosures Always a Good Deal?

By
Real Estate Agent with The McInerney Team with Realty Executives Associates

Good Real Estate Deals in Knoxville TN

Many Buyers today are in search for the infamous "great deal".  Therefore, it is only natural that they direct their home search towards foreclosures.  However, in reality are foreclosures really the holy grail of real estate?  As a Knoxville REALTOR® I stay on top of the Knoxville TN real estate market and have seen an increasing number of "fantastic deals" in non-bank owned homes.  Just because a home is listed as a foreclosure does not mean that it is "a good deal", in fact I have seen many foreclosures that in my opinion and according to the comps are way overpriced. 

In many cases some of the best deals can be found in non-bank owned homes.  These homes are often still occupied, meaning that the home owner is actively maintaining the home, doing regular maintenance, and in many cases even making improvements on the home.  I am not saying that you cannot find a good deal with a foreclosure, just that you keep your eyes and your mind open because there are some great deals out there on non-foreclosed homes. 

To search all homes for sale in the greater Knoxville area visit www.MyKnoxvilleHomeSearch.comThe McInerney Team with Keller Williams Realty in Knoxville, TN has a dedicated team of 4 FULL TIME REALTORS® that can handle any and all of your real estate needs, from first time home buyers, to investors, to luxuryy home owners.    Start your Knoxville Home Search now- www.MyKnoxvilleHomeSearch.com.

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Topic:
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buying foreclosures in knoxville tn
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foreclosure deals in knoxville t

Comments 6 New Comment

Rainer
40,148
Jeremy Lambert
Your Castle Real Estate

Great read. Thanks for posting.

March 30, 2011 10:40 AM
Rainmaker
563,896
Robert Rauf
HomeBridge Financial Services (NJ)

This is true in  many areas.  Foreclosures and Short Sales seem to get all the attention, but they are not always bargins, usually need work etc.  And in todays world of fast moving rates/guidelines, waiting on a short sale can truly hurt a buyer that is tight on qualifying.

Reality is that banks have a pretty good idea what their properties are worth, they dont have to give them away to sell them!

March 30, 2011 10:44 AM
Rainer
51,977
Carla Wade

I agree, you have to be very carefully with foreclosures, sometime what has been done with the inside amazing.  However, I have seend some good ones.

March 30, 2011 10:47 AM
Rainmaker
177,905
Gloria and Jason Belmonte
www.cecilcountyhomesearch.com
Prudential Fox&Roach The Belmonte Group

As with any property, get an inspection, and an appraisal. Do your homework, because I do agree, all foreclosures are NOT great deals!! Great post!

March 30, 2011 10:51 AM
Rainmaker
1,277,500
Joan Cox
Denver Real Estate - Selling One Home at a Time
Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373

Very valid points you have made --- a seller getting relocated or divorced may produce the same "deal" you think you will get in a bank owned or a short sale property.   It pays to do the homework first!

April 12, 2011 08:47 PM
Rainmaker
160,897

Christine McInerney

The McInerney Team, Knoxville TN Homes For Sale
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