Everybody’s Talking about Northwest Arkansas Foreclosures, REO’s, and Short Sales, Oh MY!
November 4th, 2008 categories: Buying a Home, Market Conditions
Let’s just cut to the chase. Foreclosures, repossessions, and short sale inventories are at an all time high in Northwest Arkansas and around the country. While this is most definitely unfortunate for those homeowners going through these processes, the investor, home flipper, and deal seeker in all of us perks up at the mention of a distressed property, hoping that there may be a way for us to benefit. Here’s how to get started finding and purchasing distressed homes.
Finding the real deals on Foreclosures and distressed properties can be challenging.
How do we find these diamonds in the rough and separate them from the truly atrocious properties that have so many liens and repairs that “money pit” doesn’t begin to describe them? There is now a wealth of resources for those looking for foreclosed properties in and around Northwest Arkansas if you know where to look. If you contact me directly, I’ll give you my secret stash, otherwise, you’ll have to hash it out with the rest of the dreamers out there. I will tell you that websites like www.NWABankOwned.com and www.nwafiresale.com are popping up at a staggering rate. While bankowned and firesale are a local sites, there are a host of pay sites that give you information on all types of distressed properties both locally and nationally. Just a few that come to mind are: www.RealtyTrac.com, www.homesales.gov, www.hud.gov, www.foreclosure.com, the list goes on.
Always be careful and do your research when it comes to distressed properties.
Working with foreclosed properties, short sales, and bank owned properties can be a harrowing experience. I highly recommend using a realtor that at least has a few of these under his/her belt. Preferably, you might even want to find a ‘specialist’ in the foreclosure field. He/she will know the tricks of dealing with these properties as well as what you need to watch out for along the way. A savvy buyer paired with a knowledgeable realtor can get some truly amazing deals in today’s market. That being said, you had better do some homework before tackling any kind of distressed property. If you don’t know what a short sale is or what REO stands for, you need to do some serious soul searching research of your own. Remember that every situation has a silver lining. The mortgage crisis and stagnant home values have created a situation that may not be repeated for a very, very long time. Why not take advantage as an educated buyer looking to make a deal or hedge against other types of investments. If you have any questions you may feel free to contact me anytime. If not me, talk to someone you trust because I cannot stress enough that these properties need to be researched, inspected, and understood thoroughly before making any kind of move.
This is a hot topic. I will definitely be revisiting this topic in greater detail over the coming weeks. What kind of questions do you have about foreclosures, REO’s, and Short Sales that I can cover here? Drop me a line and comment on what you would like to see or what you see the market in Northwest Arkansas doing with regard to these properties.
