Home foreclosures bring bargains

North Carolina Foreclosure News

 

RALEIGH -- Real estate agents say the housing market is booming, but not everyone is keeping their home. Because of that, agents say more and more people in the Traingle area are getting good deals on foreclosed homes. But realtors say getting bargains on foreclosed homes may not always be the cheapest route.

Robin Barton with Barton Estate Realty says many of her clients want foreclosed homes, so she spends a lot of her time on the computer looking for houses going for bargain prices.

“Sometimes they go for under 20 percent their value, so someone might get $80,000 off their house,” said Barton.

She adds that hundreds of people in the Triangle are getting steals just like that. According to Barton, from 2006 up until this year, 400 people in the Triangle had their homes foreclosed.

Currently, more than 20 foreclosed houses are on the market, and most are now under contract. Two of Barton's clients, Gen McGlothlin and her husband, are optimistic about finding the perfect home for the right price.

"Were looking for a home that's going to be conducive to lots of entertainment, large flowing rooms where we can have large groups of people," McGlothlin said.

One foreclosed home on McGlothlin's list is this one in west Raleigh, but while looking at it, she found it had quite a bit of damage.

While you can definitely find a great home for cheap, Barton warns that buying a foreclosed home is not always the cheapest route.

“Someone’s being foreclosed on, they don't care about the home anymore," Barton said. "They're actually angry with the bank, so they damage the homes. So people going in to buy these homes are buying a house that maybe has holes on the wall or they tear out the plumbing and it's leaking, there's water damage."

Despite a bit of a setback Monday, McGlothlin says she'll keep looking for that gem in the rough.

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