Find The Silver Lining In Redding Foreclosures

If viewed from an economic perspective, the last four years have been pretty rough

. The United States housing bubble, significantly inflated after years of suspect lending practices, finally burst in 2008, triggering the collapse of a number of other precariously built industry establishments, and sending our economy into a downward spiraling tailspin. While someone always profits when others lose, there have been far more losers than winners over the last few years and the need for improvement seems to be a universal sentiment.

With the primary collapse occurring in the housing and real estate markets, land owners everywhere have taken the brunt of the recession. Banks have added entire divisions to keep up with the astounding number of foreclosures. And while the real estate market in Redding has been increasing during recent months, foreclosures are still an extremely common occurrence. Banks have yet to return to normative lending procedures, and it can be very difficult to refinance when needed. On the homeowners end, this is a far from ideal scenario.

There is, however, a silver lining to the large number of foreclosures in Redding, the majority of it falling to prospective buyers. Banks everywhere are finding themselves stuck with large numbers of foreclosed homes that they simply cannot afford to own for extended periods of time. They are looking to unload these homes in a manner that minimizes cost rather than maximizes profit or even reaches retail. The potential is there to purchase homes at pennies on the dollar, securing a quality spot for you and your family for years to come at the lowest prices you will ever encounter. While there is always the potential for another collapse, all signs point to an economy on the rise. Now is the time to buy.

Buyers can simply drive about town, looking for foreclosed homes and making a makeshift list of the various foreclosures in Redding. The most efficient, and generally most effective, way to find these deals, however, is to find a good real estate agent. Together, you can work as a team to obtain all available options and then narrow them down to a handful of choices that are best for you and your family. In this market, buyers have all the leverage. A good agent will help you maximize your leverage, keep your options open, and use the limited buyer demand to your advantage. Most importantly, he or she will help you keep the main thing the main thing rather than falling prey to the emotional behavior buyers are prone to. The biggest mistake buyers can make is letting themselves fall in love with one property, limiting their options, and losing their leverage. As soon as you have to have a given house, you have lost the ability to effectively negotiate. While understanding the unique value of a home is very good, often buyers will let insignificant aspects, like a french door or vintage fence, become entirely too influential in their decisions. A good real estate agent in Redding, especially someone experienced in dealing with foreclosures, will help you keep your eye on the prize and benefit from the silver lining.

by: Ross Domke

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