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The Quality of the Neighborhood is an Important consideration when Purchasing a Foreclosure Home
from:When you are prospecting for a foreclosure, home the neighborhood should be taken into consideration. We all want to have a great home, but the neighborhood also plays a big part in the value of the foreclosure home purchase.
Investigate the area:
• What is the surrounding property like? Is it well kept or rundown? Is it a residential area exclusive to homeowners or is there a mixture of homes and rental units sandwiched together?
• Is the community stagnant, deteriorating, or being built up?
• Is there commercial property in the area? Are their retail stores and grocery chains either already in the neighborhood are considering coming into it?
• Will you have easy access to retail outlets without having to use your car each time you need a loaf of bread or and gallon of milk?
• Do you have access to buses and taxis, trains, subways or other public transportation?
• How many for sale and for rent signs are visible? From a foreclosure home purchase standpoint, it is always a more lucrative investment if there are more homeowners than renters or tenants in the immediate area. Property values are higher in an area that caters to homeowners.
• Not only is it important to consider the condition and age of the foreclosure home you are considering, it is also important to look at the age and maintenance level of all the homes in the area.
• Similarly, consider the age and quality of the cars in the area as well as the city maintenance of the roads and streets. Are there quiet residential streets or busy thoroughfares?
• Are the sidewalks clean and litter free, is there a good quality trash collection system, are the public parks well maintained?
• Are there community centers, schools, training centers, career opportunities in the area or close to the area in which you would like to buy foreclosure home?
• How good are the schools rated in the area?
• Consider the noise factor if you will purchase a foreclosure home in the vicinity of a industrial park, opposite an elementary or high school, or within the downtown core where there is traffic congestion, night clubs and various other night life activity.
• What is the level of security in the area? Are there hospitals, clinics, fire stations, and police stations? Is there a neighborhood watch?
• What is the crime rate in the area?
As you can see from the details provided above that purchasing a foreclosure home is more than merely living in a home, it is a community investment. For more tips on community living click on the site U.S. Department of Housing and Urban Development
Foreclosure Help Specific links
Foreclosure Help News
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Bill to help with foreclosed homes hit by vandals - KGET 17
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Washington Attorney General Announces Free Help for Homeowners Facing Foreclosure - LoanSafe
Washington Attorney General Announces Free Help for Homeowners Facing Foreclosure LoanSafe “There's no shame in acknowledging that due to the loss of a job or a reduction in income – as is common during these tough economic times –you need expert help.” According to RealtyTrac, which markets foreclosed properties, 1 in every 1582 Washington ... |
Foreclosure Prevention To Be Held Saturday - NewsChannel5.com
Foreclosure Prevention To Be Held Saturday NewsChannel5.com A special conference will be held Saturday for residents in danger of losing their homes to foreclosure. The event is called the Foreclosure Prevention event and over 300 people are expected to participate. If someone is worried they can't get help ... |
Report: Fewer US homes foreclosed upon in April - Boston.com
 Boston.com | Report: Fewer US homes foreclosed upon in April Boston.com That could help slow the pace of home repossessions, which are on pace to be just over 700000 this year. Last year, about 1 million homes ended up foreclosed-upon. All told, foreclosure-related notices were reported on 188780 US properties last month, ... Foreclosures Plunge to Five-Year Low in U.S. Recovery: Mortgages Fewer US homes foreclosed on in April Foreclosures decline in US, King County in April |