What are the Benefits of Buying an Olathe or Overland Park, KS. Real Estate Foreclosure Home in this Market this Winter? There are 7 Reasons Why . . .

Question: What are the Benefits of Buying an Olathe or Overland Park, KS. Real Estate Foreclosure Home in this Market this Winter? Janet L.


Answer: Great question, Janet. Although, this is a great time to buy a home due to the incredibly low interest rates, there are 7 reasons why it is even a better time to buy a foreclosure home in Olathe or Overland Park, Kansas this winter. 


1) Under Market - Homes are selling at deflated values. Smart shoppers know that the best time to buy is when the product is in a low. Homes right now are selling at mid 2000's prices. Real estate foreclosures in Olathe and Overland Park are even at lower prices.


2) Sweat Equity - Find a foreclosure home with a small amount of mechanical and structural repairs and you might have found a home with lots of sweat equity. Some real estate investors say the best real estate projects are the ones with lots of sweat equity.


3) FHA 203K Loan Program - While the loan program is still around, foreclosure home buyers can take advantage of the FHA 203K mortgage loan. The mortgage loan allows for repairs to the foreclosure home. The repairs are basically financed into the mortgage loan.


4) Special Financing - Foreclosure home buyers can take advantage of special mortgage loans that have been created for buying foreclosure homes directly through Fannie Mae. A Fannie Mae foreclosure mortgage loan, HomePath, can be obtained by Olathe and Overland Park foreclosure home buyers.


5) Special Incentives - Looking through the Kansas City MLS, Heartland MLS, Olathe and Overland Park foreclosure home buyers can take advantage of a few bonuses that are currently being offered for buying specific foreclosure homes within a time frame.


6) Competition from Other Buyers - As the weather turns colder this winter, there will be fewer foreclosure home buyers. The REO companies and banks will need to sell their foreclosure inventory, so there will be good foreclosure opportunities this winter.


7) Less Foreclosure Inventory - As I have been monitoring the foreclosure data from Realty Trac for the past 2 years monthly, I have noticed that certain areas of Olathe have seen a drop in foreclosure activity. If this trend continues, there will be fewer foreclosure opportunities next year.


In closing, there maybe more than 7 reasons why this winter is a great time to buy a foreclosure home in Olathe or Overland Park, Kansas. That is ok. These are 7 great reasons to buy a foreclosure this winter.


Need help finding a great Olathe or Overland Park, KS. foreclosure home? Contact the Dowell Taggart Team of RE/MAX Premier Realty.
  




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Blog post written by the Dowell Taggart Team of RE/MAX Premier Realty 

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