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SACRAMENTO, Calif.—When it comes to home purchases, everyone wants to buy
low and sell high.
“Now is the Low; high is just around the corner,” says Alexis McGee,
foreclosure information expert, educator, and president of foreclosure property
information specialists ForeclosureS.com (www.ForeclosureS.com). “Already
pending home sales are climbing in the North, and appear poised to rebound in the
South and West, according to the most recent National Association of Realtors Pending
Home Sales Index. NAR also predicts existing home sales will climb more than 6%
next year, and that median prices--down this year--also will climb in 2009.”
With interest rates at 35 year low, affordable financing, and abundant inventory,
it’s a buyer’s market. “There are plenty of great opportunities
that make the American dream of homeownership more affordable today if you know
where to look and how to make the right deal,” says McGee, also author of
The ForeclosureS.com Guide to Advanced Investing Techniques You Won't Learn Anywhere Else
(Wiley, 2008), and
The ForeclosureS.com Guide to Making Huge Profits Investing
in Pre-foreclosures without Selling Your Soul (Wiley, 2007).
A recent survey from Trulia.com by Harris Interactive® indicated that more than
half of Americans would consider purchasing a foreclosed home. “It sounds
like those Americans recognize a good deal,” adds McGee. “So what are
you waiting for? It’s bargain time. Buy now.”
McGee offers a few tips to help you buy right in today’s markets:
· Do your homework before you buy. That means know the local market, the
going price in a specific neighborhood, and what kind of financing is available.
You can get free information and guidance online at sites like ForeclosureS.com
(www.foreclosureS.com) and the National
Association of Realtors (www.realtor.org).
But beware those web sites that promise instant riches for “no effort and
no money down.”
· Open your eyes to the opportunities that surround you. Even cities with
high foreclosure rates have motivated sellers in sought after neighborhoods -- where
well-priced homes resell quickly.
· Make sure you know the current prices for comparable properties
in the area. With markets in flux, prices from three months ago no longer are good
enough.
· Don’t be afraid to ask for a discount. To figure your offering price
don’t forget to deduct the costs of necessary repairs and rehab and your profit.
If you’re buying a property with plans to turn around and resell it, deduct
from your offering price the cost of buying, holding and selling the property until
you find a buyer – and don’t forget to pencil in your profit!
· Don’t be derailed by marketing come-ons, gimmicks, and “insider
secrets”. If it sounds too good to be true, it is.
· Beware the “great deals” at the auctions. Competitive bidding
drives up prices. Instead of buying a house at discount, you could end up paying
full market price or more if you factor in auction commissions and fees.
· Consider FHA as a low-cost, safe financing alternative. With new higher
loan limits, interest rates at 35 year lows, and home buyer tax incentives still
being ironed out in Congress, this is an excellent opportunity for you to buy low.
Media Contact:
Sofia Gutierrez, ForeclosureS.com, 916-860-1190
or sofia@halldinpr.com
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