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Foreclosure Article
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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 Specific links
Foreclosure News
Foreclosure help will reach more homeowners (USA Today)
The Obama administration is expanding a program to stave off foreclosure for borrowers who owe more than their homes are worth.
Read more...With Loan Default, Watergate Hotel Is at Risk of Foreclosure (Washington Post)
The Watergate Hotel is headed for foreclosure unless the lender agrees to new terms with Washington developer Monument Realty, officials with the company said yesterday.
Read more...Oakland settles with Chase over foreclosure evictions (BizJournals)
The City of Oakland said Thursday that it reached a settlement with J.P. Morgan Chase over foreclosure evictions that violated city law. (JPM)
Read more...Sherwood's Hunters Ridge threatened with foreclosure (The Oregonian)
A prominent Sherwood developer and his business partner, Precision Castparts' former top executive, are facing foreclosure of their mixed-use project near Oregon 99W....
Read more...Foreclosure suit filed against Legends car wash (BizJournals)
A group of subcontractors who had filed multiple mechanic’s liens in conjunction with work they did for an eastside car wash have now filed a foreclosure suit against the site.
Read more...Obama administration to expand foreclosure program (Deseret News)
Obama administration to expand foreclosure program
Read more...Gresham mayor trying to avoid foreclosure (KGW NewsChannel 8 Portland)
Gresham Mayor Shane Bemis faces a financial dilemma all too familiar to more and more homeowners. He faces foreclosure on his home in the Persimmon Country Club neighborhood.
Read more...