Foreclosures

Foreclosed and foreclosing properties dominate many of today’s U.S. real estate markets – more than four years after the sharpestobservers saw the market shift coming, and more than two years after the reality hit home for millions of American home owners.

The recent Keller Williams Distressed Property Buying Survey unearthed great information about where the opportunities are, how big they are, and how smart, capable buyers are leveraging the current market.First-time home buyers make up almost half of all buyers of bank-owned foreclosures and soon-to-be foreclosed short sale properties. They’re followed closely by investors seeking rental properties, and a third important group—homeowners who find they can move up to a bigger or better home they previously could not afford.

K Cooley Properties REO Service overseen by Taylor Caughron (Our Foreclosure Guru), continues to show buyers how to prepare to be successful buying the “distressed” properties—homes that offer roughly a 10% to 40% price advantage, depending on the local market.

K Cooley Properties walk you through the entire foreclosure process. Here are some things to consider:

• Money: Buyers must be financially qualified and ready to buy with proof of funds. The best properties go quickly. Buyers must also look for strong lenders. Taylor has extensive knowledge of REO timing sales and can help you through this fast-paced process.
• Motivation: Buyers must be motivated to compete successfully. Taylor and our team urge our buyers in this market to be clear about both their “motivating why” and their criteria for the property itself.
• Location: Prime buying opportunities exist in almost every neighborhood and price range
• Condition: Buyers should understand that repair costs are not necessarily large. The KW Distressed Property Buying Survey shows the average cost to repair to be $5,000 – that is less than 3% of the median purchase price in the U.S. today.
• Expert Help: Let K Cooley Properties answer any questions you may have about foreclosures and negotiate the best deal possible on your behalf.

Source: KW.com