About Foreclosures
Also known as REO’s (Real Estate Owned) many people have learned or chosen to believe that foreclosures (properties owned by the lender through legal action against the previous owner) are the single best value for them to pursue. This is not true. For some, depending on their willingness to make some improvements to the properties they purchase, buying a foreclosure can be a risk and a headache since relatively less is known about the property being purchased and often times the property has set vacant for a long time before the purchase with unclear deferred maintenance or damage potentially underlying the surface.
Regardless, the pricing of foreclosures by the lenders below market value in order to create multiple offer scenarios and move the inventory has created pricing competition that helps all buyers and could be said to harm sellers, creating more of a buyer’s market in general. Recently the “release of inventory” by the lenders has slowed considerably and in some cases sellers are seeing higher prices and more demand on their properties regardless of their price point.
There is arguably an “art” to buying a foreclosure and Gibson Group has a track record of success. Whether for investors or new home buyers there are many strategies to finding the right foreclosure and making your offer the most attractive one to win in what is often a very competitive environment.
The properties listed here are all foreclosure properties and that is often difficult to discern on many sites. These are MLS listings that have been “filtered” to only show those that are listed by lenders as foreclosure (a.k.a. REO) properties.
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