Let’s just cut to the chase. Foreclosures, repossessions, and short sale inventories are at an all time high in Northwest Arkansas and around the country. While this is most definitely unfortunate for those homeowners going through these processes, the investor or home flipper in all of us perks up at the mention of a distressed property, hoping that there may be a way for us to benefit.
How do we find these diamonds in the rough and separate them from the truly atrocious properties that have so many liens and repairs that “money pit” doesn’t begin to describe them? There is now a wealth of resources for those looking for foreclosed properties in and around Northwest Arkansas. If you contact me directly, I’ll give you my secret stash, otherwise, you’ll have to hash it out with the rest of the dreamers out there. I will tell you that websites like www.nwafiresale.com are popping up at a staggering rate. While firesale is a local site, there are a host of pay sites that give you information on all types of distressed properties. Just a few that come to mind are: www.RealtyTrac.com, www.homesales.gov, www.hud.gov, www.foreclosure.com, the list goes on.
Working with foreclosed properties, short sales, and bank owned properties can be a harrowing experience. I highly recommend using a realtor that at least has a few of these under his/her belt. Preferably, you might even want to find a ‘specialist’ in the foreclosure field. He/she will know the tricks of dealing with these properties as well as what you need to watch out for along the way. A savvy buyer paired with a knowledgeable realtor can get some amazing deals in today’s market. That being said, you had better do some homework before tackling any kind of distressed property. If you don’t know what a short sale is or what REO stands for, you need to do some down and dirty research of your own. Remember that every situation has a silver lining. The mortgage crisis and stagnant home values have created a situation that may not be repeated for a very long time. Why not take advantage as an educated buyer looking to make a deal. If you have any questions you may feel free to contact me anytime. If not me, talk to someone you trust because I cannot stress enough that these properties need to be researched, inspected, and understood thoroughly before making a move.
