Hey everyone, today we are talking all about foreclosures. I often get questions about foreclosures here in the Triad, so I wanted to take a minute to fill you in on what's been going on as of late.
In Greensboro, foreclosures are at about a 5-year low. We've come down a long way from the peak a few years ago, and there are a lot fewer choices and more competition for good deals on foreclosed homes. Keep in mind, this is specifically for Greensboro, and not necessarily indicative of each market in the Triad.
There are still foreclosures out there and available, but there are a few things you should know first before buying one. For starters, the bank will rarely do any repairs, so you can expect the condition of a foreclosure to be quite a bit worse than your typical owner sale.
If there are repair issues, it's possible that your bank won't finance your loan, especially if you are looking to get FHA, USDA, or VA financing. Knowing the type of financing you are doing ahead of time will tell you if a distressed property is something you can work with.
If you have any questions or are thinking about buying or selling, give me a call or send me an email. I'd be happy to help you get pointed in the right direction.