The new mantra in Real Estate! Forget location, location, location. Buyers are gobbling up foreclosures no matter what the condition, location or size of the property. Low, low prices are the attraction and cash is king in these deals!
This is good news. The sooner we absorb these foreclosures and distressed properties, the sooner we will see a rebound to a "normal market".
Should you invest in a foreclosure (also known as an REO or bank owned property)? As long as you do your due diligence, you will be rewarded with a property that will probably increase in value over the next few years.
My next post will talk about how to buy a foreclosed property.
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