Buying a Lewiston-Auburn Foreclosure Property?

By
Real Estate Agent with The Maine Real Estate Network
http://actvra.in/BMp

Buying a Lewiston-Auburn Foreclosure Property?  “Fixers” Reward Prudence, Realism, and Cash

 Bank Owned Real Estate Investing

These days the words “bank owned homes” have become practically synonymous with a single word: “opportunity.”  With prices and mortgage rates this low, first time home buyers, investors and seasoned property owners alike are looking at a raft of buying options unlike any the Lewiston-Auburn and Central Maine area has seen in a very long time.  

 

That option of buying a bank owned home has certainly opened a viable route for those looking to own a home at the fraction of what it cost just a few years ago. But not without a price:  the best Lewiston-Auburn bank owned home bargains are almost certain to fall into the ‘fixer-upper’ category.

 

When considering the purchase of one of our Lewiston-Auburn or Central Maine area bank owned homes, I’ve found that my most successful clients have a few qualities in common:

  • prudence – they resist the temptation to take out too big of a loan
  • realism – they know how much hard work they will be willing to put into the house 
  • cash – they are cash buyers or have 20% or more to put down plus a sufficient reserve of cash for necessary project and "surprises".

 

Finding the right fixer-upper should be approached as a process: do your homework. In other words, find a great Exclusive Buyer Representative and view five to ten properties. Evaluate and compare the properties and their pricing. There are more foreclosures on the market than ever – a phenomenon that works to your advantage. When you do find the right home, make sure to take out a loan that makes sense. Often people who are in a hurry to buy a house are tempted to take out a loan without giving enough consideration to its immediate and long-term implications.  Being coolly realistic as you work out the numbers will pay off for a long time. 

 

Once a bank owned home is officially yours, the hard (often fun!) work begins. Buying a home in need of repair has always been the surest way to find a deal, but it is also the way to improve or develop home maintenance skills, bond with family members, and keep a tight rein on the family budget. Here, too, you need to be careful not to get carried away– you don’t want to overbuild or overdevelop beyond what is appropriate for the neighborhood setting. In other words, keep your end goals in mind.  My advice to clients varies depending on their individual needs: Is it an income property?  Or the family home for the next 15 years?  

 

Foreclosures show no signs of slowing down in the near future, so this May’s buying market is opportune.  If you’re considering buying a bank owned home in the Lewiston-Auburn area or Central Maine, call The Tanya Busch Team today at (207) 689-9880 for a list of foreclosures and to put a plan into action!  We have Exclusive Buyer Agents with experience in residential homes and multi-unit investment properties! 

 

Posted by

 

Connect with The Tanya Busch Team online to get all of the latest insider information and news.

Maine Real Estate on Facebookfollow Maine Real Estate on twitterMaine Real Estate on FlikrMaine Real Estate on youtubeMaine Real Estate on LinkedinMaine Real Estate on Google

 


 


Tanya Busch                     Search 1000's of Maine Homes For Sale Here

The Tanya Busch Team

The Maine Real Estate Network

(207)689-9880

www.TanyaB.com

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
ActiveRain Community
Location:
Maine Androscoggin County Lewiston
Groups:
Commercial Real Estate
Posts to Localism
Almost Anything Goes
Tags:
lewistonauburn real estate
foreclosure properties in central maine
foreclosure properties in lewistonauburn

Anonymous
Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
429,312
Mike Young
203kOnLine.com, covering California & most other states - Fairfield, CA
FHA 203k Consultant 707-812-7668

you can actually purchase and get the money to do the repairs all at the same time with FHA and Conventional loan products so you only have one set of closing costs. The rates are so low right now it is really an attractive way to go.

Aug 12, 2012 08:25 PM #1
Anonymous
Post a Comment
Spam prevention
Show All Comments
Rainmaker
84,525

Tanya Busch

Maine Real Estate
Ask me a question
*
*
*
Spam prevention

Additional Information