The entire foundation of our residential real estate industry is the American Dream of owning your own home. However, current market trends have led us to see a sharp rise in another facet of the industry: the ‘strictly business’ opportunity created by the rise of Kansas City foreclosure listings. Whether you’re a first time buyer or seasoned investor, you’ve likely figured out that housing market conditions demand a serious look at usual bargains in all price ranges.
The appeal is very understandable due to a lot of the well known consequences caused by the mortgage meltdown (and the headlines that followed). As you may know when a bank comes into possession of a foreclosed property they find themselves in an unenviable position. They’re incentivized to sell them as quickly as possible and aren’t able to wait until the market rises to meet higher price levels. Thanks to this, mounting numbers of those foreclosure listings are carrying price tags that are a small portion of their original market price.
For homeowners and investors who see a second home as a path to create a passive rental income stream, foreclosure listings become tempting investment vehicles. And for first time homebuyers, the status of the same foreclosure listings can mean an easy way of getting their foot in the door of homeownership.
Of course in both cases, the first step to buying a bank-owned property comes with finding reliable Kansas City foreclosure listings. Hunting down a trustworthy and credible source means finding one that features open and up-to-date accurate information. Too many dedicated “foreclosure” websites offer many times duplicated, misleading, incorrect, or highly outdated information. Those relying on them can often find themselves in a frustrating series of time-consuming wild goose chases that end up locating houses that have already been sold, or were never foreclosed on to begin with.
An excellent way to test a foreclosure listings source is to take advantage of free trial subscriptions where they are offered. It’s a money-saving way to determine whether a foreclosure source can be trusted to include attractive properties listed soon after they come on the market. A good Kansas City Realtor can check the homes you’ve found against the MLS and give you an idea on how accurate the information is that you’re receiving from that source.
No matter what, the opportunities presented by foreclosure listings also carry special characteristics that clever buyers must to take into account. Home inspection rules are one example. Banks aren’t under any obligation to disclose information about a property’s flaws in the same way that a regular homeowners is, so it’s imperative to make a physical investigation of a foreclosure listing before proceeding further.
If you are curious about your chances of finding a great deal the 2012 foreclosure market, I will be happy to send you any Kansas City foreclosure listings as to help you identify any and all that may fit your goals.