Buying Foreclosures… A Former Stigmatism is Removed

1. Buying Foreclosures…A Former Stigmatism is Removed

2. The Stigmatism of Buying a Foreclosed Home • “Foreclosed Homes” used to be associated with dilapidated homes in need of a ton of work & financial investments just to make them livable • Foreclosed Homes were basically for those who “flipped houses” or investors out to make a quick buck. • Rarely were any of the buyers people who bought these houses to “live in”

3. Gone Are Those Days! • Smart Financial Move • Market stocked with tons of styles and choices of homes to choose from with record high foreclosures coming on the market • If you’ve been saving to buy & kept a good credit history you’re in a win-win situation • Excellent way to buy a “second home” for those “snow birds” who like to change climates • Today’s buyers aren’t just investors and homes aren’t always in poor condition.

4. Today’s Foreclosed Homes • Unlike the past • Many are upscale homes or well kept middle class houses • Houses are being kept up until the “end” – leaving good houses to choose from • 92% of Potential Foreclosure Buyers plan on living in the foreclosed home after purchase

5. The Positive Aspects of Buying Foreclosures • More house for less money • No longer only abused and torn apart homes are available but homes that have been kept up until the owners move out • Minimal damage, repair, and upkeep needed to get the house in livable condition • Getting a great deal on a good solid house • Often lenders who own foreclosed homes are more willing to work with buyers to give them the money to buy the house from them • Lenders are more willing to make deals to get rid of an excess of homes under their ownership • Higher valued homes selling at lower costs can sometimes allow for additional funds to be leant so the repairs that do need to be done can be taken care of • With 1.5 million foreclosures backlogged at one point – there are a number of homes to choose from

6. The Statistics • Buyers interested in foreclosed homes has skyrocketed by 159% in the past 2 ½ years • 64% of overall buyers are likely to buy a foreclosure in today’s market vs. 25% likely to buy a foreclosure 2 ½ years ago • 1.5 million backlogged foreclosures – created new types of buyers • Judicial-foreclosure States (mostly in the Northeast & Mid-Western areas) are just beginning to see their peaks in foreclosed homes entering the market • While real estate prices are seeing slow price increases; Judicial-foreclosure states are going to be more likely seeing home values decreasing VS.

7. What Does It All Mean? • Know your area – utilize a Realtor to gain access to information about foreclosures • You’re going to have a better choice of decent homes as compared to former “foreclosed” properties • Foreclosures are NOT just for investors anymore – Families, couples, anyone can buy! • The Stigmatism of buying & living in a foreclosed home is gone – there’s no more shame! • Foreclosures are a good way to be financially savvy – making a good decision to buy a decent home while saving money