Brentwood Homes; Myths about Forclosures and value

People who are not familiar with the daily activities of the Real Estate market have been led to believe that homes in forclosure sell with a greatly discounted price. The truth of the matter is that home forclosures happen for many reasons but the most common is the owner did not have enough equity to sell and could not afford their payment. With that understanding and the fact that the banks are not in bussines to lose money foreclosure homes are actually priced at a fair market value or maybe slightly below market value to compensate for the poor condition these homes are in. Current market conditions have created a buyers market and have caused prices to decline. Therefore what may be perceived as a below market price is actually properly priced because the banks dont want to hold on to the property to long and the home owner seller is still overpricing their homes considering current market values. If you would like more information on buying or selling a home call “Team Elite” at 392-4131