What do foreclosures mean to me?
It’s nearly impossible to look for a home today without hearing about foreclosures. But how do you translate this headline news into your dream house? Here are some top tips on how Trulia can help you make sure you are getting the best deal on your home.
Understand the price difference
With over 2 million listings on Trulia, we compared listing prices with foreclosure prices for bank-owned foreclosure properties (aka REOs) across the country to show you how to buy or sell your home smarter.
Buying in the South or Mid-Atlantic?
Try using foreclosure prices to bargain for a better deal on a listed property. When price tags on foreclosures and listings are neck-and-neck, you have more options at lower prices and a better negotiating position.
Find a foreclosure on Trulia – such as in Brooklyn, NY or Philadelphia, PA – similar to your dream home, and start bargaining.
Enter your city and filter for foreclosures
Selling in the Midwest or Pacific?
If you’re trying to sell before you buy here, you might want to wait if you can. Unfortunately, a tough job market and the subprime crisis have meant a lot of foreclosures at prices well below the list price in markets like San Diego, CA and Detroit, MI.
Enter your city and filter for foreclosures
Want to know more about how foreclosures can affect you?
You can get personalized, free opinions from other locals and real estate pros on Trulia Voices. One first time home buyer gets advice on properties types in her range and strategies to negotiate.
A: If you are flexible in your timing, you should be looking at foreclosures and… see more
Stay tuned for more house hunting tips!
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February 29th, 2008 at 10:33 am
I, unfortunately, have to deal with foreclosures far too often. I think it is important to point out that banks are just like any other seller, they want to get as much out of their home as possible. What I have noticed is that banks are more realistic and willing to drop the price if the home is not selling. So if you really looking for a good deal, look for a bank owned home that has been on the market for a while.
February 29th, 2008 at 1:07 pm
Hi Mike,
Thanks for your comments - this is a great point and definitely something you should share on Trulia Voices.
Keep us posted on any success stories you may have had with foreclosure clients.
Elain
March 4th, 2008 at 8:17 pm
Foreclosures here in the Charlotte, NC area are not that common. In fact, I just read where we actually had fewer foreclosures this January than we did last January. So yes, feel free to use foreclosures to bargain for a better deal, but don’t depend on using them because there aren’t too many in most neighborhoods.
Chad Huck
Charlotte and Lake Norman Real Estate Specialist
June 16th, 2008 at 3:51 pm
This is a great time to buy I’d say. Never in my mortgage career have I seen people having such success with getting houses at great prices. We do a ton of renovation loans and people interested in taking a little extra time to find that uglying duckling with swan potential are really creating solid future wealth for their themselves.
http://www.atlantaforeclosuretour.net
http://www.atlantahomeloans.net