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Richmond Foreclosures; A Good Deal?
Rarely does a week go by that we don’t hear from a home buyer; “I want a great deal.” No one wants to pay asking price for a home these days so many home buyers are looking for Richmond area foreclosures to get a deal. But are you really getting a great deal when you purchase a home from the bank?
The short answer to this question is maybe. Property values throughout the county have dropped considerably over the last couple of years. If you compare current home values in Richmond with what value of homes were three years ago, home buyers are getting a great deal across the market whether its a foreclosure or not.
Foreclosures are just a better deal, RIGHT? Not necessarily. Say there are 10 home buyers looking for a “great deal” in the planned community of Wyndham in Glen Allen. A foreclosure property is listed and it’s the lowest price home in the area. Since it is priced so low, all 10 home buyers look at the home and 4 of them write offers. Guess what happens? They find out their are already 5 other offers on the table and 4 of them are above the listing price.
The bank at this point has created a strong market for this house and what first appeared as a “deal of a lifetime” may not be a great deal. Banks also realize many times homes are purchased based on emotion so when there are multiple offers they will tell every one’s agent that they want their best and final offer in an effort to boost the sales price further. They are trying to create a competitive environment among the potential purchasers, again to boost that sales price.
Many times the Foreclosures are not the best deal. There are motivated sellers out there in the market ready to negotiate for a variety of reasons. Keep your options open when shopping for a home, it’s still a buyers market no matter what type of property you are considering. Great deals are out there all over the Richmond area!
Shopping for a great deal on a Richmond area home? Skye Bruce Properties, The Official REALTORS and Buyer’s Agents of RichmondHomeShopper.com are specialist in finding the best homes at the best prices in Central Virginia. They are negotiation experts in finding ways to get the the house you want at the price you want to pay. Contact them today!
