Earlier this year, the viral content website BuzzFeed attracted a lot of attention with one of its well-known “listicles” titled “How Cheap Are Houses In Detroit Right Now?” featuring homes priced as low as $1,250.
There’s no doubt that seeing homes listed in the low five or even four figures got some folks excited about investing in distressed properties. But the reality is that successfully investing in bank-owned properties and short sales takes a lot more time, money and patience than the news media may lead you to believe.
And while there are plenty of success stories in the foreclosure and short sale market – and we’d love nothing more than to help you become the next one! – keep in mind that no two real estate purchases are the same.
For example, depending on the bank, buying a distressed property could be as simple as any residential sale or it could require a lot of paperwork and waiting. And like any real estate investment, location is critical – if you don’t want to live in that area in which a really cheap home is located, neither will a home buyer or tenant. And a home is not a deal if you have to invest too much money in upgrades and repairs.
Your best bet is to find a real estate agent who has experience in distressed properties. We can help you find the best value for you and your objectives!