As USHUD.com has been online now as the largest free foreclosure site since 1999 we are uniquely qualified to illustrate the truth about buying foreclosures. The most common reason that people don’t buy foreclosures is that they are not aware of some of the financial benefits and programs that exist that allow for the purchase of a foreclosure for less money and less hassle than the average resale property. These benefits were covered in the first article in this series.
Some of the common reasons are that people don’t understand and the other reasons are that foreclosures are not always available in the neighborhood that the buyer is interested in living. Foreclosure buyers are required to be more geographically flexible than the average buyer and they need to be flexible in the realm of floor plans and design. Foreclosures are available in all price ranges but they are not always available when the buyer wants to buy. The buyer needs to be a little more patient because of these differences in the nature of foreclosures. A foreclosure doesn’t spend as much time on the market as a conventional resale but they do pop up and the buyer has to be willing to be flexible in order to make a quick decision and move forward or they will lose the opportunity and be back in the waiting game looking for the right house in the right neighborhood at a foreclosure price.
This is why most (90%+) of the visitors to USHUD.com do not actually buy foreclosures. We are all interested in saving money but we are all not able to be as flexible as the determined foreclosure buyer needs to be.
A real estate agent that understands the priorities of the buyer has a step up on their contemporaries. The only way to find out the buyers priorities is to ask and determine if the buyer has the correct profile of the flexible buyer which is needed to find the right foreclosure at the right time. Many foreclosure specialists keep a list of buyers that are waiting for a particular floor plan or area and then get the buyers finances prepared for the foreclosure so when it came on the market everyone was prepared to make an offer on the first day. This tactic is still a good idea and can save both time and energy, so long as the buyer meets all the right criteria and presents the right amount of flexibility in their needs and desires. This is again why most people, even the people who visit USHUD.com more often than not buy a traditional resale property.