Next up: Which foreclosure property is the best buy when there are so many foreclosed homes in the area you want to live in.

Tying into our last article about “Foreclosure logic”, here are some tips when you set your sights on a specific community of homes.

 

Pay close attention to your surroundings. Is there traffic in the morning and /or evening that wind its way past certain homes as a shortcut to the freeway or major thru fare?  Are there some homes in the tract that are on smaller lots or have only a carport vs. an enclosed garage?  Are some homes protected from thru traffic because they are on a cul de sac? Do some homes back up to commercial buildings?  Do some properties have an alley where others have no access (trash cans in the rear, out of sight vs. in the front yard?  Are there restrictive homeowners rules that prohibit RV’s and even cars from being parked out in front of the homes?

 

These are just a sample of fact finding questions you should ask in determining long term value. Remember in the biggest picture you are “buying this house for what the next buyer will want”.  Sound confusing?  We will answer this next on Lancelot Blog .