Selling Reno And Sparks Real Estate Blog

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Northern Nevada Foreclosure Properties, Are They a Good Buy? ~ YES!!!

Not a day goes by that I am not asked about foreclosed properties. Friends, family, neighbors are just a few of the many  who want to know "Is a bank foreclosure a good buy?"

To find the answer it helps to know what a foreclosed property is. A bank foreclosure occurs when a borrower is unable to repay their outstanding debt to the bank.

The property is put up as collateral for securing the loan, and a lien is put upon the property giving the bank legal right to seize that property should there be a default in payment.

Once the homeowner is delinquent, the bank can take back the home and foreclose on the homeowner. The homeowner must leave the premises and the home is now in the possession of the bank.

The banks loose money every month they hold onto these homes. Usually a  real estate company is hired to resale the home at a lower than market value price to get the home sold quickly.

The foreclosed home is sold in "as is" condition. Many people fear buying a foreclosed home will come with a lot of problems. What most folks do not realize is that once the bank forecloses on a home, an inspection is ordered for the property, the property is cleaned and cleared  of debris, trash and any items that may be left behind are removed. Most properties are in fairly good shape and ready to buy.

If you are a first time home buyer or an investor, there are many loan programs available for you when you buy a foreclosed property. A qualified mortgage professional or Realtor how knows how to close them can help you with your decision to buy a foreclosed home.

Northern Nevada is now seeing multiple offers on foreclosure properties. With today's record low interest rates, first time home buyers tax credits, now has never been a better time to buy a Northern Nevada foreclosed home.

If you would like to learn more about foreclosed properties in the Northern Nevada area, or any homes that are for listed for sale in this area, please consider calling me to help you with this process.  I can help you find foreclosure's in this area and help you with the purchase of these properties.

Email me or call me if you are interested in finding out more about Northern Nevada's foreclosrue properties. My email address is TerrieLeighton@hotmail.com and my cell phone number is 775-846-5424. Visit www.servingrenoandsparks.com for a list homes that are currently active in the Northern Nevada regional multiple listing service.

About the author: Terrie Leighton is a real estate agent with Ferrari-Lund Real Estate. Please see Norhtern Nevada homes to learn more about Terrie Leighton.

 

Your Home. My Priority. Since 2003

Certified Distressed Property Expert (CDPE)
Certified Default Resolution Specialist (CDRS)
Short Sales & Foreclosure Resource ~ Certified (SFR)
NAR's Green Designation ~ Certified Green
Certifed Negotiation Expert (CNE)
Property Manager

Ferrari-Lund Real Estate

 Cell ~ 775.846.5424

Email ~ Terrie@terrieleighton.com

 

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Comment balloon 19 commentsTerrie Leighton • June 15 2009 05:45PM

Comments

It is not uncommon here to see mult offers on foreclosures as well....a hot market for that if people can stomach it!

Posted by Kristin Johnston - REALTOR®, Giving Back With Each Home Sold! (RE/MAX Realty Center ) over 9 years ago

Thank you Kristin! The process of buying a foreclosed property is a lot faster and easier than buying a home that is a short sale. But both properties usually require some amount of work that needs to be done, that can be an issue is the buyer has not extra funds to put back into the home.

Posted by Terrie Leighton, Reno Real Estate Agent ~ Selling Homes in Reno (Ferrari-Lund Real Estate ) over 9 years ago

Terrie, I have not had many dealings with foreclosures, but when I have they are either a complete mess, or a huge opportunity that you will miss without jumping on it immediately.

Best wishes,

Ann

Posted by Ann Allen Hoover, CDPE SRES ASP e-PRO Realtor - Homes for Sale - AL (RE/MAX Advantage South) over 9 years ago

Terrie - Excellent Post ... my sentiments exactly!

Posted by Lisa Wetzel, CDPE, SFR carsonvalleyland.com (RE/MAX Realty Affiliates) about 9 years ago

Terrie, this is a really well written posts and sets out the whole foreclosure thing very clearly. 

Posted by Patricia Kennedy, Home in the Capital (RLAH Real Estate) about 9 years ago

Thank you Anne~ Foreclosures can be tricky at times but the ones I have been working with in recent months have closed quickly. Each one is different so you never really know what to expect. They are impossible to avoid in our area right now so I think it is important be informed!

Lisa ~ Thank you for you comment! I hope all is going great in Carson Valley!

Patricia ~ Thank for taking the time to comment! I appreciate your support.

Posted by Terrie Leighton, Reno Real Estate Agent ~ Selling Homes in Reno (Ferrari-Lund Real Estate ) about 9 years ago

Hi Terrie - Thanks so much for posting to this group! I look forward to reading your posts here!

Posted by Christianne O'Malley, Exceptional Service - Delivering Results in Reno! (RE/MAX Realty Affiliates) about 9 years ago

Foreclosed homes also don't have all the wait and headache that come with buying a short sale, the time lines are more in line with a regular sale.

Todd Clark - www.LivingBeaverton.com

Posted by Respect Realty LLC, Brokers - Oregon / SW Washington Real Estate (Respect Realty LLC) about 9 years ago

Out here the answer to the question using "San Diego County" instead of "Northern Nevada" would not be an unqualified "yes." It would certainly depend on the condition and asking price of the home, just like a regular sale which also is often based on condition and asking price.

Posted by Not a real person about 9 years ago

Howdy there Terrie

In the last few months, I've been doing quite a few inspections of foreclosures. Some of my clients have even gotten some of the banks to fix major items, even when the home was listed as is. But it sure does not happen every time. I did have one client, that had a bit of a time with the bank of the foreclosures they were looken at. The bank keep taken their time with every thing.

God Bless America

Posted by Dale Baker, New Hampshire Relocation Real Estate Information (Baker Energy Audits and Commercial Properties Inspections) about 9 years ago

Hi Terrie, I think it is a great idea to buy foreclosed properties, but you have to be sure you know what you are buying.  Some banks are better than others about getting them habitable.  The trick is to catch them the minute they go on the market and check several out.  Some will be a disaster, and others will be very nice. 

And a home inspection is always a good idea, as I know an agent who helped her buyer buy a foreclosed home only to find out that there was no plumbing under the house - everything just drained onto the ground.  That wouldn't have been noticed on a walk-through but a home inspectio would have caught that.  That is an extreme case however, and the bottom line is that you can get terrific bargains as banks try to rid themselves of the inventory.

Posted by Susan Neal, Fair Oaks CA & Sacramento Area Real Estate Broker (RE/MAX Gold, Fair Oaks) about 9 years ago

Christinne ~ I am looking forward to many blogs posted in "All Things Northern Nevada." Thanks for starting the group.

Todd~ Not having to wait for a third party approval when buying a foreclosure homes is defiantly a plus when looking to buy!

Posted by Terrie Leighton, Reno Real Estate Agent ~ Selling Homes in Reno (Ferrari-Lund Real Estate ) about 9 years ago

Russel ~ I have seen really terrific deals and homes that are foreclosures here in Northern Nevada. Some do need some extra TCL. Getting a home inspection is always recommended to matter what condition the home is in!

(See Russel ~ No picture with your comment!)

Dale ~ I am glad to hear you are  keeping busy with the home inspection business in your neck of the woods. Banks can hold up the process for sure but if you are getting a great deal on a foreclosed home ti is sometimes worth the wait.

Posted by Terrie Leighton, Reno Real Estate Agent ~ Selling Homes in Reno (Ferrari-Lund Real Estate ) about 9 years ago

Susan ~ Thank you so much for your comment! And I highly recommend a home inspection when buying a home! How awful to buy a home and find there is no plumbing! Yikes!

You do need to be careful and very thorough when buying a foreclosed property. But there are some really great homes out there right now that are receiving multiple offers because of price, location and because of the great condition they are actually in.

Posted by Terrie Leighton, Reno Real Estate Agent ~ Selling Homes in Reno (Ferrari-Lund Real Estate ) about 9 years ago

Terrie, They are hard to get here.  Banks are not accepting FHA, VA offers right now.   Sooooo much competition here in CA.     I have been really sick with Pneumonia and away from the computer, but am better and getting back!!!

Posted by Sidney Kutchuk - Realty Works Temecula Kutchuk - Realty Works Temecula, Realty Works Temecula (Realty Works Temecula) about 9 years ago

Terrie - Great Post!  We are experiencing much the same!  Thanks for sticking with the new Northern Nevada Group!

Posted by Jessie Wetzel (RE/MAX Realty Affiliates) about 9 years ago

Jane ~ I am glad to see you are feeling better. Thank you for commenting, I have been wondering where you were.

Jessie~ Thank you so much for saying hello! I am looking forward to reading all of your posts and getting to know a little bit about you! Enjoy your weekend.

Posted by Terrie Leighton, Reno Real Estate Agent ~ Selling Homes in Reno (Ferrari-Lund Real Estate ) about 9 years ago

Nice explanation of foreclosures.  I have to agree that the answer isn't always yes, but that it depends on the condition of the property.  I've seen some that are great buys, but I've seen some that aren't worth the price of the land because you'd have to pay to get someone to tear down the house and haul it off.

Posted by Tammy Lankford,, Broker GA Lake Sinclair/Eatonton/Milledgeville (Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668) about 9 years ago

Tammy ~ You are so right, the answer is not always yet to buying a foreclosure. But I do believe there are so many buyers right not who a simple to afraid to even go look at some of the properties and they are missing out on some really great opportunities right now.

I have seen some real scarey foreclosure homes as well but I have also seen some really nice ones recently, that is why I posted this information.

Thank you so much for the comment Tammy, I always appreciate your honesty.

Posted by Terrie Leighton, Reno Real Estate Agent ~ Selling Homes in Reno (Ferrari-Lund Real Estate ) about 9 years ago

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