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Many cities are experiencing a similar phenomenon, the housing market which was so strong several years ago has gone into a major decline and owners are unable to keep up with their home payments. Since the economy isn't doing as well as most Americans expect, many mortgage lenders are increasing rates on adjustable mortgages, leaving tons of home-owners unable to keep up.When home-owners are unable to pay, they are forced out of their homes and banks foreclose on their former residences. Now, many major housing markets have a plethora of foreclosed homes which are now vacant and waiting to be sold to new buyers.
Most of these homes are in good condition, easily claimed at a reduced price in order for the banks to recoup lost money. Some, however, have been mistreated or unkempt since being abandoned, requiring much more initial work for the prospective buyer.
If you are in the market to buy a home, or want to make some easy cash by "flipping" a foreclosed home, consider a few pointers before making the initial investment in a vacant house.
If you are thinking of buying a foreclosed home in the Hampton Roads area, consider using the team at Nancy Chandler Associates to guide your buying decisions and assist you with the resale.