As we discussed last week, the rate of foreclosure is rising at breakneck speed all across America. Last week I provided a link to an article full of great advice on how to avoid foreclosure.
This week I want to look at the issue from another angle – from the perspective of those looking to capitalize on the trend by investing in foreclosures and – they hope – selling them for a hefty profit.
While this seems like a great idea on the surface, considering the abundance of foreclosed-upon homes that are becoming available, potential investors should use caution and take the time to investigate what they may be getting themselves into when purchasing property at auction or from a bank.
As this article on RealEstateJournal.com details, there are caveats to investing in foreclosures. If you are thinking of investing in a property with the hopes of flipping it for a quick re-sale, you should first consult an experienced Realtor to get a clear picture of the current real estate market in your area. If homes are not moving off the market quickly, you could end up with a property that won’t sell and ends up costing you in the long run. Also, some homes may come with major structural damage, hidden liens, or utility bills that need to be paid. Since these properties generally cannot be inspected prior to purchase, it is important to decide in advance how much you are willing to invest in improvements over and above the purchase price of the property.
If you are interested in investing in Bradley Beach NJ real estate, please email or call me at 732-775-2774. You can also visit PatrickParkerHomes.com or begin searching the MLS here. I would be happy to help you invest in your future on the Jersey Shore.