These days, homes are going into foreclosure like never before. Many factors have contributed to this trend, and as a result, banks have numerous Santa Cruz foreclosures that need to be sold as quickly as possible. Explore a few reasons why buying foreclosures now could be a great opportunity.
1. Price – Since there's an over abundance of foreclosed homes that need to be sold, many are priced way below market value, which creates a good opportunity for real estate investors to buy.
2. Quick sales – Sellers want to get Santa Cruz foreclosures off their hands as soon as possible and they tend to be extremely motivated sellers. Therefore, you could be the owner of a new home in record time. Also, most bank owned deals, which were taking anywhere from 3 to 18 months, can now often be closed in less than 45 days.
3. Easier to obtain loans - With the help of the stimulus plan, buyers of foreclosures are now finding it easier to get loans.
4. Less competition – Many times, foreclosures aren't advertised like regular homes. Also, because of the sheer amount of foreclosures, many bank owned homes go unnoticed by most people. This means you probably won't have to compete heavily with other buyers for foreclosed properties.
Although times are still tough for some, if you're a real estate investor, right now could be the ideal time to purchase Santa Cruz foreclosures. It may be a while before deals like these come around again, so take advantage of the rock-bottom home prices now before they're gone.
Want to work with a real estate agent who can expertly guide you through the process of purchasing foreclosures? Give me a call today at 831.662.6522 or email me at lauren@laurenspencer.com
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