Foreclosures and Distressed Sales Account for over 25% of the Market

Tuesday, June 19, 2012   /   by Larry - Customer Support

Foreclosures and Distressed Sales Account for over 25% of the Market

The housing market throughout the country has seen a great deal of foreclosures on residential homes as a result of the downturned housing markets. While some states such as Nevada and Florida were hit very hard, there has also been a large number of housing foreclosures in the states of Georgia and Alabama.  There are currently well over one thousand homes for sale in these two states with approximately 25% of them being distressed, foreclosure or bank owned properties.  Although this is a tragic instance for those families fighting foreclosure and losing the battle, finding a great deal on homes can be the result for those looking to purchase a home. There are numerous homes available now in the Columbus, Georgia and Phenix City, Alabama area real estate market that are priced below value for quick sale.

Market
The market in Columbus, GA and Phenix City, AL is ripe for good deals on foreclosed homes. But why are the prices so good? Individuals looking to purchase homes in the area need to know that the bank does not have an advantage over them in this area. Banks that are holding on to homes that were in foreclosure are actually losing money. This is because no one is paying money on their mortgage to them and they are actually incurring costs as a result of holding the home. For this reason, those looking for homes can find a great deal because the bank, in simple terms, just wants to get rid of it. This means great deals for the home buyer and a chance to buy a home with a lot of equity allowing good loan terms while interest rates are at an all-time low. For this reason, an individual looking for a home in the Columbus, Georgia and Phenix City, Alabama region should consult a local area expert and give due consideration to purchasing a bank owned home.

Quality
It is important to note that foreclosed and bank owned homes can be found in good condition only needing minor cosmetic upgrades.  While some homes may need more extensive repairs, this can allow the buyer to get an even better deal on the home.  Sometimes, the term foreclosed gives a negative connotation of the appearance of the home. However, these properties can be just as beautiful as any other homes on the market. It is not about the quality of the home but about the ability of the previous inhabitants to pay. For this reason, individuals looking for homes can find a great deal on a quality homes that may not have been within their budget had it been at market value. Be sure, though, for your own peace of mind that you ask for a quality report or inspection prior to buying any foreclosed property or any property at all. This is always important whether you are purchasing a new home in the Columbus and Phenix City or a distressed, bargain property.  RealtyEdge Brokers also always makes sure our buyers receive the option to get a home warranty to cover any unforeseen repairs that may arise.

Let Us Help
To get immediate expert assistance with your home search and receive priority access to a list of bank owned homes contact RealtyEdge Brokers today at 706-320-3343, send an email to info@realtyedge.net, or drop by the office at 412 Broadway, Suite A, Columbus, GA 31901.  You can also give Patti Harris a call at 706-570-7761.

 

 

RealtyEdge Brokers
Patti Harris
412 Broadway
Columbus, GA 31901
706-320-3343

Information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable, but is not guaranteed accurate.
Information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable, but is not guaranteed accurate.