Last week we discussed how to avoid getting caught in foreclosure.  This week I want to look at this hot topic again, but from a different angel. 

While there are many homeowners who are struggling to meet their mortgage payments, there are just as many people who are eager to capitalize on the trend by investing in foreclosures and – they hope – selling them for a hefty profit.

While this may seem like an easy enough venture, potential investors should carefully investigate what they are getting into before heading to an auction or purchasing any property sight-unseen.

This article on RealEstateJournal.com reminds us that there are caveats to investing in foreclosures.  You should always consult an experienced Realtor before you invest in a property with the hopes of flipping it for a quick re-sale.  We can give you a clear picture of the current real estate market in your area; after all, if home sales are slow where you live, you may just end up with an investment that sits on the market and never moves.  Likewise, some homes may come with major structural damage, hidden liens, or utility bills that need to be paid.  Since these properties generally cannot be inspected prior to purchase, it is important to decide in advance how much you are willing to invest in improvements over and above the purchase price of the property.

If you are thinking of investing in Bergen County NJ real estate, please call me at 201-930-3070 or visit PaulaClarkRealtor.com.  You can also begin searching the MLS here. I would be happy to help you invest in your future in Bergen County NJ.