Wednesday, June 24, 2009

Should you Buy a Foreclosed Properties?

Many households say that foreclosures are a bargain and are increasingly eager to buy them, according to a Harris Interactive survey conducted for Trulia.com and RealtyTrac.

The survey found that 55 percent of U.S. adults are at least somewhat likely to consider purchasing a foreclosed home, up from 47 percent who answered the same question in November 2008.

But buyers aren’t na├»ve about the hassles involved with purchasing foreclosed property. About 85 percent said that they could identify negative aspects, up from 80 percent who felt the same way last November.

  • 71 percent were concerned about hidden costs;
  • 46 percent believe the process is risky;
  • 31 percent fear the property will lose value.

Buyers of foreclosures also expect hefty discounts – at least 25 percent.

Source: RealtyTrac.com and Trulia.com (05/20/2009)

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