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 naïve 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)