The increasing number of foreclosed properties is sad to say the least. It brings down property values and dislocates families. However, while some scramble to manage the crisis, others see a wonderful window of opportunity. And, many of these people are buying up foreclosed properties at extremely low prices. In Columbia, SC and surrounding areas, we have not been hit with the number of foreclosures seen throughout the nation but we have been dramatically affected as well.
We meet many potential buyers that although aware of the opportunity, don’t know how to position themselves to take full advantage of today’s market. We are being contacted by many local, stateside and overseas buyers. Some are regular buyers planning on moving to this area, while others are investors looking to make a buck.
Despite economic fears and the struggling housing market, this is an ideal time to buy real estate...more so for the first-time home buyer. Prices are low, sellers are offering all sorts of incentives, we have the $8000 tax credit until the end of November, and rates are, once again, below 5%.
I just closed a deal for one of my clients that left her in awe of the results. She was able to buy (resale) a 3-bedroom, 2-bath home totally remodeled, with new appliances, new roof, new heating and air, in a good location with the seller paying most of the closing cost for under $90,000 (this is just one of many examples).
When buying foreclosed properties:
• Budget carefully.
• See the house for yourself.
• Look at the neighborhood.
• How long has the house been empty?
• Was it winterized?
• Look at the landscaping.
• Conduct private inspections.
• Consider a HUD house.
• Don't expect to profit from a quick sale.
Most investors are no longer just doing the minimum to fix properties and make a quick profit. At least, in our market, they are truly doing quality renovations and helping to turn a hard-hit neighborhood around. For more information and assistance finding great deals in the Columbia and surrounding areas, please call the KARE Team at 803-422-3972 or 803-318-4208. Or visit our website at www.mykairoshome.com