Value Bomb: Debunking Foreclosure Myths
Check below for the transcript of our Foreclosure Myth video:
I want to answer your questions about how to get a good deal. Buyers always ask me this, and there is a common misconception that getting a good deal is via distressed asset. So, a short sale or foreclosure. When in reality they are so few and far between along our coastline.
More often than not, people end up overpaying for foreclosure properties due to the mental hype and the competition that the work provokes – hence the low sale price being a foreclosure myth. So, a better way to get a deal is to identify a particular market and go for a property that has some fixable flaws. That way you can roll your sleeves up and create sweat equity, and build that value yourself. Odds are good that short sale or foreclosure was going to need the extra work too, never mind the extra time you lose in waiting for the one in a million property that fits the budget as a foreclosure.
At the end of the day you will be getting a better deal than you would competing with 20 buyers on a short sale or foreclosure.