Many people are wondering about buying.  Is it a good time?  Can I find a good deal?  Has it hit rock bottom? 

Many of these questions are very difficult to answer.  Do I think it is a good time to buy?  Absolutely yes!  I am even looking for a place myself.  None of us know when the market is going to turn or when the interest rates on loans are going to rise.  What I do know is that home prices are lower than they were a couple years ago and bank owned homes are everywhere.  If you have the extra cash or even want a rental home, you should be able to find one.

Below is what I gathered from an article I read about foreclosures.  Hopefully you can find some of the information useful.  If you would like help finding your next investment opportunity Contact Me!

An article by Realtor Magazine wrote about real estate experts Bill Nazur and Danielle Babbs new book, Finding Foreclosures.  I will touch on a few key points that the magazine summarized about the book as well as a couple ideas of my own.

Now investors and buyers can learn how to find the perfect new home at a great price.  Foreclosure rates are still on the rise, so it is the perfect time for investing whether you are buying from the bank or helping out a stressed seller.  These are 5 ways to find good deals in foreclosures.

1. Timing is Everything- When people know they are going to lose their home, most of the time they try to sell their home first.  There is usually about a 6 month period before the bank gets the home.  Sellers tend to be more negotiable at this time.  This is a great time to invest in these homes because the number of forclosures are rising.  It also helps out the distressed home owner.

2.  Look in the right places- There are many resources for finding these great foreclosure deals.  Realtors can be a great source for finding foreclosures.  We can help make the process easier and less stressful.  You can also look to online programs like Realty Trac, which you pay a fee.  Credit Unions, title companies, and money escrow offices also may have information.

3.  Know when to walk away- Be sure to watch for major issues within the home especially if the house has been vacant for a while.  As a realtor I always recommend home inspections to my clients.  With an inspection we can find out if the home has mold, foundation problems, plumbing or electrical problems.  With this information one can determine whether the home is even worth purchasing, and then walk away if it is not.

4.  Do your research- When you are ready to make the leap and write the offer it is important to know if it is a good deal.  When you have a realtor and loan officer in line, they can set up an appointment with an appraiser.  They can assist in determining the value of the home, then you need to add up costs of needed repairs.  When all is said and done and the deal still looks good, it is time to write the offer.

5.  Buckle your seatbelt- The foreclosure process moves quickly and there are many buyers in the market for them.  They require constant monitoring.  It is good to keep your eye on the ball because as Realtor Magazine stated and many other authors quoted, "The early bird gets the worm."  It is sometimes a game of hardball with the banks, but if you keep on top of them, your offers may look more and more appealing as the grace period runs out!