Although buying foreclosed homes is becoming popular, waiting for them to hit the market may not be the best way to buy your dream lake home right now. Lake Homes Realty’s CEO, Glenn Phillips, breaks down three reasons why you shouldn’t wait to buy!
- Not the 2008 Market: Unlike the 2008 market, there is a shortage of homes, which means high competition and a low probability of getting a home.
- Banks are Well-Positioned: With the economy doing as well as it is, banks no longer have to liquidate these houses because there is rising demand for these homes. Banks are also able to renegotiate with current homeowners.
- Majority Do Not Have a Mortgage: More than half of the lake homes transitions are in cash, which means there is no one to foreclose them.
Buying a foreclosed property can be a smart financial move, but with this current market, it may not be feasible. Waiting for a lake home to foreclose can cause you to miss out on purchasing one entirely!