FORECLOSURE AND DISTRESS PROPERTY'S

What seems to be the most inviting deals in the market today are still on the rise. They reported yesterday that they expect Foreclosure Property's to increase in the market place over the next month or two. With them saying that we are on the rise out of the recession this seems to really boggle peoples minds. Why if we are exiting the recession are there still so many people losing there homes? I have sat down and really thought about this and here is my thought. I think that yes our market place in homes is definately on the rise and getting back to where it was 2 years ago. As far as the recession goes I believe we are on our way out of that hole as well. However I think that this recession has really taking an affect on a lot of family's. When you hit the point where you get laid off or your work does cutbacks on your pay or what have you it becomes a large fight to keep your head above water. I think that a lot of family's tried to see that light at the end of the tunnel however as the months went on it became smaller and smaller. Therefore I think the amount of family's whom have lost there homes or are going to lose there homes is just the result of our recession and the money problems it created for so many. We will see some foreclosures come on the market over the next 2 months and that is not the cause of us still being in a recession but more the result of the recession. As everyday passes and our market rises people will start to get back on there feet and once again crawl out of the nasty hole that they got placed into by this recession.

Foreclosure and Distress property's are very popular with Buyers. Why is that? Well the first thought on everyone's mind is WOW we can get a great deal. However there is a little more to it now. Foreclosure property's have to be put on at there market value minus any damages. 10 years or so ago they were put on the market at whatever was owed to the bank plus any legal fees and realtor fees. This is not the case anymore. I think the new way is great because if you lose a 400k house to the bank and you only owe 250k on it when they sell it after everything is said and done there will still be a significant amount of money leftover. Where does this money go you ask? Well it goes back to the owner of the home to give them a jump start at a new life. I think that is great. So many family's lose there home and have to start over. It is bad enough you have just taken a big 7 year hit on your credit bureau let alone having lost a home you owed nearly half the appraised value on. So now the government looks after them. In most cases these homes are financed to the max so in a lot of cases you don't ever see any money.

There are good deals to be found in Estate and Foreclosure property's if you are interested in getting on my automatic notifier list for Foreclosure or Distress property's in Ottawa and surrounding areas feel free to logon to www.joeysells.ca and click the Foreclosure icon. I will get you setup and you could find the next steal!