SHOULD I BUY A FORECLOSED OR AUCTIONED HOME FAQ & POST #10

By
Real Estate Broker/Owner with People first then business! Ran Right Realty Riverside, Ca BRE LIC #636943
http://actvra.in/B6Y

People have a belief that when it comes to Real Estate transacting, they need to find a steal or a deal to make it a success. Sure, when those dynamics present themselves, many jump on that occasion. Keep in mind there are people who invest that do this all the time and they are the ones that usually get the so called bargains first

STEALS & DEALS?

So everyone else turns to an auction or a foreclosure thinking they too will get a steal or a deal. NOT SO. In fact, be very careful here. Not everything that glitters is gold. Also, monies are not refundable either. Having experience here is mandatory

PROS DO THIS

Investors have crews that go out and fix properties so that they can re-sell them at a profit. This flipping of Real Estate is done by professionals. Some do it better than others and buyers would be well to hire a professional when considering any Real Estate purchase.

MOVE IN READY

You see repairs that have been done could have been done cheaply and will not hold up over time. Furthermore those homes that need repairs can be very costly to take on if you decide to do it. Instead of moving in and enjoying your purchase, you are having to make repairs or correct them. Not a good way to go now a days

TAKE YOUR TIME SHOPPING

Find something that you like and that you want to own for your own reasons. Then, begin a systematic assessment of what you are getting into and then get into it. The bargains are out there everywhere and all you need is a good set of eyes and ears and a competent team leader...your local Real Estate agent...

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Rainmaker
967,956
Edward & Celia Maddox
Solutions Real Estate - Queen Creek, AZ
We Take The High Road

Richie, thanks for sharing the pros and cons of auction and REOs.

May 14, 2012 07:26 AM #1
Rainmaker
1,207,377
Richie Alan Naggar Author PEARLS SERIES of books
People first then business! Ran Right Realty Riverside, Ca - Riverside, CA
on LIFE and LOVE plus Real Estate too!

E & C.....pleasure to have you stop by today...thank you

May 14, 2012 08:26 AM #2
Rainer
200,419
Cheryl Thomson, REALTOR, Retired (U.S. Army)
Buyers Advantage Real Estate Corp. (c: 703.216.5635) - Woodbridge, VA
Real Estate in Northern Virginia

Hi Richie.  You are definitely right about that.  I wrote a blog about REO property too.  We need to continue to put the word out.  Still a lot of misconception floating around.

May 14, 2012 11:24 AM #3
Ambassador
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Debbie Reynolds
Prudential PenFed Realty, "The Real Debbie Reynolds" Your Clarksville Real Estate Professional, 931-920-6730 - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent
Rich, I sell quite a few of these homes and you can get ripped off or get a really sweet deal. It just depends on the timing, condition of the property and a little luck. Thanks for the info.
May 14, 2012 06:14 PM #4
Rainmaker
1,207,377
Richie Alan Naggar Author PEARLS SERIES of books
People first then business! Ran Right Realty Riverside, Ca - Riverside, CA
on LIFE and LOVE plus Real Estate too!

Hello Cheryl...The buyer mentality has to be modified and it time it will....

 

Hi there Debbie...Agreed on you never know until you go....

May 15, 2012 07:04 AM #5
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Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Richie- buyers need to know what they're doing if they're buying these properties. And, in fact, in buying any property.  

May 15, 2012 01:33 PM #6
Rainmaker
1,207,377
Richie Alan Naggar Author PEARLS SERIES of books
People first then business! Ran Right Realty Riverside, Ca - Riverside, CA
on LIFE and LOVE plus Real Estate too!

Hello Kathy...Please, it is not too much to ask....thank you

May 15, 2012 02:14 PM #7
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Rainmaker
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