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The real estate search site Trulia has released a survey suggesting that most Americans are uncomfortable with the idea of buying a foreclosed home.The survey found that about half of buyers would consider looking at a foreclosed property but two-thirds conceded they felt there were “negative aspects” related to such a purchase, including hidden costs, the possibility its value would decline and other risks.
Other findings from the survey showed:
Single/never married adults (60%) are more likely to consider purchasing a foreclosure versus married (50%) or divorced/separated/widowed adults (50%).
Males are more likely to purchase a foreclosure compared to females (57% versus 51%).
Younger adults (18-34) are more than twice as likely to purchase a foreclosed home than adults 55 and older (69% versus 32%).
20% of adults said that having a personal connection with someone who lost their home to foreclosure is a negative aspect of purchasing a foreclosed home.
As experienced real estate agents we also know that the addenda required by lenders are often minefields and shift the burden of risk for buying a foreclosure to the buyer. Most addendums are all about the “As Is”, if a buyer is not interested in buying a property “As Is” they should not be looking at foreclosures. Banks rarely make repairs and buyers need to negotiate a price based on present condition and market values.
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Technorati: Philadelphia foreclosures, Philadelphia housing market, Philadelphia housing statistics
posted by janice SEARCH the Philadelphia MLS. No Registration Required!
Team Tapper from Burlingame, CA said
Great Post! Very interesting survey and results!