Home prices are starting to come down nationwide, while the foreclosure rate is rising dramatically. The number of available foreclosures in College Station, Bryan, and the surrounding areas has risen in July to include 14 additional properties on the market. While some foreclosures can be considered distressed properties, many of these cases are well-maintained homes, simply examples of owners who could not keep up the payments during these hard economic times.
Century 21 manages many transactions on foreclosed homes in Brazos County. After comparing these recent transactions’ list prices versus sales prices, a huge saving trend is obvious. The average savings purchasers realize when buying a foreclosed property in our area is 17%. And according to realtytrac.com, a real estate website that tracks trends including foreclosures, the national average when buying a foreclosed home was about 15-20% below the full market value of a home. A would-be homeowner could potentially save even more money by buying a home that’s been taken over by a bank or lender seeking to recover money still owed on the property. It is important to note, foreclosed homes generally do not have a price reduction simply to match the current market. But these homes generally are low priced to begin with, and the sellers are much more willing to accept many substantially lower offers. Additionally, if a buyer is in the position to make one, cash offers are considered gold in the current market as financing is difficult to come by.
These available foreclosures are all listed through Century 21 Beal, and buying through a real-estate office is considered the best way to purchase a foreclosure. Not only do these properties tend to be in better shape, you also will get the advantage of fully inspecting the property and receiving a clear title.
Homes such as these, priced as low as $20,900 are a huge bargain. Rest assured, they won’t sit on the market for long. If you are interested in purchasing a foreclosure, or if you have any preliminary questions, please feel free to contact me at your convenience. Whether you are looking to invest in a property, or are wanting to purchase a dream home at a deep discount, I will be happy to discuss the specifics with you.
Clay Lee – Realtor
Century 21 Beal, Inc.
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