Monday, 25 May 2009

The Truth About Foreclosures in Five Towns



One myth about foreclosures in Fives Town (Cedarhurst, Woodmere, North Woodmere, Woodsburgh, Lawrence, Hewlett) is that all foreclosures go for well below market value. With the popularity of foreclosed properties reaching ordinary home buying, many believe that foreclosed homes present a bargain, and that's just not always the case.

People believe that they can buy a foreclosed home for cheap, fix it up and then sell it for prices well above market and gain a profit. Some believe they can rent it and get instant equity.

Because foreclosed homes are saturated in today's market, the bidding process has marketed up these homes and banks are not dumb. They realize the real values of these properties and are beginning to not give them away for low prices. Especially in Cedarhurst, Woodmere, North Woodmere and Woodsburgh.

Most of these "bargain" foreclosed homes are in very bad condition and require some major work. After you purchase one of these homes and fix them up, you have basically paid way more than what the house was worth at market. So what about the homes that don't require fixing? Well, you'll be paying full price for those because the banks know how much they are worth and they will not sell them for cheap.

If you do your homework and work with a great Realtor, like Five Towns Miller Realty, you can get homes in those areas at reasonable prices. But don't expect an amazing deal to fall in your lap, there is always a catch. Especially in areas that are doing well. Unlike Las Vegas and other places whose housing bubble has popped and deflated beyond repair, areas where families and communities are still vibrant just don't have these "foreclosed prices" that people believe they do.

Don't be fooled again. If you are looking to do business in the communities of Cedarhurst,
Woodmere, North Woodmere, Woodsburgh, Lawrence, Hewlett and the eastern
end of Far Rockaway then visit Five Towns Miller Realty at http://www.fivetownsrealtor.com/.

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