A US real estate columnist has put together a simple guide on how to snap up foreclosed homes in the current American “buyers market”.
Writing in the Wall Street Journal, June Fletcher said property investors looking for a foreclosed property would need ready access to cash or a good credit, plus a “taste for the hunt”.
Her tips include focusing on one particular neighbourhood, ideally one in which foreclosures are actually few and far between and the local area is desirable.
She also advises purchasers to research properties carefully and to find an agent with experience of foreclosed properties if a seller will not deal direct.
Ms Fletcher said:
“Foreclosure deals are often complex and time-consuming – you don’t want an agent who lacks diplomacy, patience and perseverance.”
On Tuesday the Boston Business Journal reported foreclosure rates in Massachusetts are continuing to climb, according to statistics from ForeclosuresMass.com. New residential foreclosures declined last month because of new regulations forcing a 90-day waiting period, the publication said.
But there were 4,157 filings in the area during the second quarter of 2008 – the single highest month on record according to the Journal.
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