We have all heard all the news about the housing crisis and how foreclsures are bringing the economy to its knees. Now the press is starting to focus on investors and first time buyers who are seeing the "glass half full" and taking full advantage of this buying opportunity.
In an article today posted to CNBC.com, Wading Into Foreclosures, it states that if you are willing to do your homework, roll up your sleeves and do some work, one can pick up properties in some areas up 60% below the previous purchase price.
“Whether you’re an investor looking to purchase a rental property, or a homeowner who’s ready to retire and move someplace more affordable, the price of foreclosed properties right now is right,” says Debra March, executive director of the Lied Institute for Real Estate Studies at the University of Nevada Las Vegas, the nation’s leading state for foreclosures.
The article state that buying foreclosure properties comes with risks. One must have a long term strategy, and also be ready to do some work, as many of the properties have been dismantled to some degree.
If you have the desire and understanding of the market, this is a great way to find the silver lining in a the dark economic cloud :-)...
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