When are foreclosures a great option to buying non-distressed property in Albuquerque? I had an email today from a client telling me “I just want to look at foreclosures from here on out.” Albuquerque has one of the lowest foreclosure inventories in the Country at this point. Much of our inventory has been bought and banks are finally realizing that it is better to deal when a home is in the short sale phase before it becomes a foreclosure. Foreclosures come in NM “AS-IS.” No warranty, no sellers disclosure and no way to really know what you are getting into. Generally, the power is off so that it is costly and time consuming to have inspections. Clearing the title can also be a challenge. The initial bidding process may start a price war driving the final purchase price well above the actual value of the home given the poor condition they are in. OK, so can you get a bargain with a foreclosure? Skilled negotiators who are not emotionally caught up and have access to cheap repair sources may get a deal. The rest of us might do better making a sharp deal on a non-distressed property.
Contact: 505-980-7788
Jim Gross -- Keller Williams Realty, Albuquerque NM
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