Connect2Agent takes a look at foreclosures

With so many reports abounding on the foreclosure market, it's no surprise that tours are now becoming available for home buyers and investors to find the foreclosure house of their dreams.

Recently, Forbes released the Best Places To Buy Foreclosed Homes. The report took the 100 largest metro areas and ranked them by their foreclosure rate. It then took into account the decline of real estate prices in these markets since 2006. Finally, it looked at the difference between median prices in an area and foreclosure prices, to see where the "best deals" could be had. 

Out of this methodology, the top 100 list was born. Here are the top 10:

1. Charlotte, NC
2. Raleigh, NC
3. Nashville, TN
4. Oklahoma City, OK
5. San Antonio, TX
6. Albuquerque, NM
7. Knoxville, TN
8. Seattle, WA
9. Indianapolis, IN
10. Washington, DC-Arlington, VA-Alexandria, VA

So now, with research in hand, how might you go about finding a foreclosed property? First and foremost, you should consult with a local real estate agent who is knowledgeable in foreclosure and investment properties.

You might also want to consider a new trend. How about paying for a bus ride that allows you to tour and bid on foreclosed properties? Through Foreclosure Bus Tours, you can pay $97 for a one-day bus tour of foreclosure listings in the area. If you bid on and purchase a house as a result of the tour, they will refund your fee.

The next bus tours are currently slated for Phoenix, AZ on April 12, Clarksburg and Germantown, MD on April 12, and Chicago, IL on May 17. Foreclosure bus tours seek to educate buyers about the foreclosure listings in the area and which ones are a good deal versus which ones are not. Real estate agents and investors also attend the tours to help in the education process of buying a foreclosure property.

Here is an interesting video taken on one of the foreclosure bus tours. If you are in the foreclosure market, you might want to consider this new option to find a house.

Connect2Agent strongly advises that you do not forgo professional real estate representation. Ask your agent about this new venue and whether they recommend this option before you pursue it.

Posted by Rebecca D. Levinson