Are Foreclosures Always a Good Deal?

By
Real Estate Agent with The McInerney Team with Realty Executives Associates 313389

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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Rainmaker
532,593
David Burrows
Classic Realty - Fairfax, VA
No Pressure, Just Seriously Devoted to Real Estate

I really agree with you. In Northern Virginia, many of them are selling right around Market Value and need a lot of work. Thanks for a good post! - David

Mar 30, 2011 10:39 AM #1
Rainer
40,148
Jeremy Lambert
Your Castle Real Estate - Denver, CO

Great read. Thanks for posting.

Mar 30, 2011 10:40 AM #2
Rainmaker
589,061
Robert Rauf
HomeBridge Financial Services (NJ) - Toms River, 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!

Mar 30, 2011 10:44 AM #3
Rainer
51,977
Carla Wade
Charlotte, NC

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.

Mar 30, 2011 10:47 AM #4
Rainmaker
177,918
Gloria and Jason Belmonte
Prudential Fox&Roach The Belmonte Group - Rising Sun, MD
www.cecilcountyhomesearch.com

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!

Mar 30, 2011 10:51 AM #5
Rainmaker
1,543,076
Joan Cox
Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

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!

Apr 12, 2011 08:47 PM #6
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Rainmaker
164,427

Christine McInerney

The McInerney Team, Knoxville TN Homes For Sale
Have a Question? Ask Christine Now!
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