When I say "foreclosure" do you think money?

Looking to invest in some rental properties? Think about buying foreclosed houses. These can be a GREAT investment. I know, I know. There are a lot of bad perceptions out there about foreclosed properties. The owners' trashed the place, or stripped the copper. The locations are all terrible. But in our current situation, that simply isn't the case. A lot of foreclosures are in nice neighborhoods where the owners simply could not afford the house payment. Maybe there was a layoff or medical problem involved. But according to RealtyTrac,  foreclosures are worth looking into.
According to the article:

"Highlights from the RealtyTrac 2nd Quarter Foreclosure Sale Report for the St. Louis metro area:

• The average sales price of a foreclosure sale home was $80,067 which represented a 43.40 percent discount from a non-distress sale
• For the U.S., the average sales price was $164,217 and the average discount 33.09 percent.
• Of the 2,138 foreclosure sales during the quarter, 684 were pre-foreclosure sales and sold at an average price of $95,243 which is a 32.67 percent discount.
• For the U.S., the average sales price was $192,129 and the average discount 20.51 percent.
• Of the 2,138 foreclosure sales during the quarter, 1,454 were REO’s and sold at an average price of $70,356 and an average discount of 50.26 percent.
• For the U.S., the average sales price was $145,211 and the average discount 39.92 percent."

 Okay, so now you are considering it. But what do you look for in a foreclosed home, either for your family or for an income property? Consider this article: What to look for when buying a foreclosed home. Start there, and do some research.
And when you do buy that foreclosed home, either for your family or for an income property, contact us to manage your new rental property, or to manage your previous home if you are unable to sell it. We work with investors and home owners who cannot sell.