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Foreclosures Rise
02/08/10 - 06:15 PM
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  New numbers continue to point to a downed real estate market.  In Bay County alone last year, foreclosures rose to 2,763 in 2009.  That’s up from 2,019 the year before.  But realtor Scott Bowman says some should be happy about the state of the market.

“It’s great for a buyer,” Bowman said.  “There’s a lot of really great opportunities.  But you have to look for them, you have to work for them.  You have to have somebody help you sort through what’s what, and look through the details of the property, and make sure that it is what you want it to be.”

Homes sold by banks are usually cheaper, because banks can afford to take a loss easier than most selling their homes.

“The buyers want to feel they’re getting a good deal,” Bowman said.  “And the banks have the ability to mark them down to the point that they are a good deal.”

Bowman says he’s surprised at the range of values on foreclosed homes.  He’s seen some valued as low as $50,000 and as high as $1.6 million. 

But he cautions against jumping into a purchase, saying people should consult an inspector to take a look at the foreclosed property. 

“Sometimes foreclosed properties aren’t in the best condition,” Bowman said. “The banks sell them as sort of an as-is.”

He said while there are plenty of great homes under foreclosure, it’s still good to have them checked out.

You want to make sure you get it looked at by someone who’s knowledgeable about various systems of the house,” Bowman said.  “[Have them] climb on the roof, look at the shingles, look at the roof penetration and things of that nature.”

Tim Williams is a home inspector, and he’s inspected many foreclosed homes. 

“On some of the foreclosures, roof leaks are the biggest thing,” Williams said.

He suggests taking a close look at the offerings, because good homes can be found.

“Yeah, there are some good deals out there, everybody has to do their own bean counting,” Williams said. “They [may] get a good deal on the house, but they have to put some work into it.”

As with many things, he says know what you’re getting into before you start.