| Foreclosed homes can be a great bargain. These | | | | thousand dollars or more. Foreclosed properties, |
| homes have been repossessed after a homeowner | | | | however, are not prepared in this way because the |
| has defaulted on their mortgage and sellers are very | | | | banks and government agencies owning these |
| eager to sell these homes quickly - even if that means | | | | properties just want them sold and do not want to put |
| lowering the price. To ensure that the foreclosure you | | | | in the extra effort of preparing the properties. |
| end up buying has the best price possible, however, | | | | This means that when you look at foreclosures |
| you need to approach foreclosures homes without | | | | homes, you should not be looking for curb appeal. In |
| emotions. | | | | fact, many foreclosures will be priced below market - |
| It is not always obvious, but emotions play a large role | | | | sometimes well below market value - because they |
| in most purchases of traditional, full-priced real estate. | | | | do not show that well. However, even if a home |
| Sellers and real estate agents spend considerable time | | | | needs a good cleaning or is a little stinky, you should |
| and money staging a home, painting it, and preparing it | | | | not let emotions sway you. Consider the value of the |
| for showings. The hope is that the home will appeal to | | | | home against the asking price. When looking at |
| buyers so much that buyers will want to make an | | | | foreclosures homes, you should be considering values |
| offer. In some cases, sellers add a few thousand | | | | and the financial logic of buying the property - you can |
| dollars in renovations and cleaning and this added | | | | add emotional appeal for very little money after you |
| appeal can raise a home's asking price by ten | | | | buy. |