Whether you’re looking for a new home or looking for a property to invest in, foreclosure or REO (real estate owned) properties are all the rage. The plus side is not all foreclosed properties are rundown and in need of major repair. It is actually possible to find some high quality luxury homes if you look in the right neighborhoods. Here are three very convincing reasons to consider buying a foreclosed home.

1.)  Vested in an investment: Buying foreclosed properties for investment purposes is becoming a popular past time for investors. Investors have the option to purchase well priced properties, fix them up, and sell them for a profit. Even first time home buyers have the option of purchasing a home to later “flip” for a profit. Investing in real estate is a great way to reach your financial freedom and receive some long term benefits in return. If you do your research and pick wisely, you’ll be pleased that you chose to invest in a foreclosed property.

2.)  Cheap as chips!: There will rarely be another time in your life you’ll be able to purchase properties at below market value, so strike while the iron is hot. Many foreclosed homes are considered to be much more affordable compared to brand new homes. In fact, buyers can save anywhere between 10% and 20% off the market value of a house. For those who have the resources to repair a fixer upper, the pricing is even lower. For those who don’t want to repair, finding homes in the best neighborhoods usually uncovers some high quality houses with amazing deals!

3.)  Supply and demand it!: The number of foreclosures filed in the United States in January 2010 increased by 15 percent from January 2009. For 11 months in a row, foreclosure filings have surpassed 300,000, according to RealtyTrac. There’s a definite surplus in REO properties on the market with so many homes going into foreclosure. And the housing market being over saturated with foreclosed properties means this surplus promises lower prices to take advantage of.

To find a complete list of foreclosed and REO homes in the San Diego area visit 

http://www.openoffer.com/foreclosures.

 

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This is filed under Foreclosures.


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