All across the country buyers are attempting to "snatch" up foreclosures, short sales and REO properties as if these property types were going away.
What's most interesting is many who are new to these types of properties don't really understand what they may be getting into.
Example Foreclosure - Many foreclosures are due to the owner not being able to make their mortgage payments so the bank repossess the home and offers to allow a real estate agent to sell it for them.
Issue? - Thank about it - if the owner wasn't able to pay the mortgage, how up to date do yoiu think the maintenance on the house is? Many foreclosure properties come with significant damage due to deferred repairs and maintenance. If you really want to purchase a foreclosure, be prepared to make repairs immediately.
A friend of mine has written a handy guide to foreclosures - Foreclosure Home Buying Secrets this book explains quite a bit regarding the purchase of a foreclosure. An exellent tool for those interested in purchasing a foreclosure proeprty.
More posts on distressed properties to come...