Types of Foreclosure Opportunities

I categorize foreclosures into three areas:

  • Terrible Opportunities – where the original amount borrowed (or my estimate of its current balance) is at or above the assessed value.
  • Good Opportunities – where the original amount borrowed (or my estimate of its current balance) is close to, but below, assessed value.
  • Great Opportunities – where the original amount borrowed (or my estimate of its current balance) is well below the assessed value.

A few observations about the people who may be interested in foreclosure properties:

  • Investors who hope to flip foreclosure homes (buy, fix, sell for profit) would likely be interested in the “great opportunities.”
  • Buyers looking for a home for themselves would likely be interested in the “good opportunities,” and certainly the “great opportunities” as well.
  • I have yet to meet someone who is interested in the “terrible opportunities,” mainly because they aren’t likely to be able to buy them at a reasonable price — the bank will take the houses.

Unfortunately, for those who hope to do well buying a foreclosed home, most foreclosures in this area fall into the “terrible opportunities” category.  For example, yesterday a home on Chestnut Oak Lane was in the Daily News Record with an original loan amount of $343,920 — and an assessed value of $316,700.

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Web Sites Of Interest....
  • HarrisonburgHousingToday.com
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  • HarrisonburgTownhouses.com
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  • Analysis of Assessed Values
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  • HarrisonburgForeclosures.com
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  • HarrisonburgPropertyTransfers.com
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  • –-

    SCOTT P. ROGERS, Associate Broker
    Licensed in the Commonwealth of Virginia
    Funkhouser Real Estate Group
    401 University Blvd, Harrisonburg, VA 22801
    540-578-0102 (mobile)
    scott@HarrisonburgHousingToday.com