With the down turn in the market many buyers are turning to foreclosed homes. Foreclosed homes can be a great deal for home buyers. As the inventory of foreclosed homes has increased, banks have been looking for ways to sell off this excess inventory.
Banks are now making large price cuts and are now making repairs to foreclosed properties to make them more marketable. They have also created several new programs including the Home Paths program. the Home Paths programs allows you to borrow more than the purchase price to allow you to make repairs & upgrades to the home immediatley.
Right now in Johnson County Kansas there are over 65 foreclosed homes available, with prices starting below $100,000. Just like everything else, the good homes go quickly.
With Interest rates at or below 5% and a $7500 tax credit for first time buyers, you will see why I am dubbing 2009 as " The Year of the Buyer"
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I find that foreclosures in Johnson County sell quickly. It seems to me that in this area people are willing to buy foreclosures, live in the property and do the repairs themselves. Granted we did finally get a property in Shawnee.