The Rockford real estate listings auctions in the coming days include as many as 1,558 foreclosure listings and properties. These sport a tempting median listed price of just $75,350. Even in an economy marked by sweeping government foreclosures and falling home prices,this price is low enough to cause buyers to come rushing to make a killing. The other 1,112 other homes also scheduled for sale in Rockford bear a median asking price of $115,900. This proves that the homes at the ongoing foreclosure auctions can be picked up at discounts of about 35 percent over the other properties.
Foreclosed Homes Involve Tempting Discounts
Most of the foreclosed homes in Rockford are those that had been seized by various banks. HUD, VA, Freddie Mac, Fannie Mae and Sheriff account for the other foreclosed homes. These lending bodies are constrained to foreclose properties when the homeowners continue to default in making the mortgage payments timely. The seizing agencies are, therefore, in a haste to regain the pending loan amounts against such REO {real estate owned}. They list the foreclosed houses on the basis of the amounts due, which are invariably way below the current market values of the properties. The buyers get a rare chance of grabbing gorgeous residences in classy areas at a mere fraction of their market prices.
Rockford is a city in and the county seat of Winnebago County in the US state of Illinois. Situated on the shores of the river Rock, Rockford is also called the “Forest City”. Rockford is the third most populous city in the state, next only to Chicago and Aurora. The various cities in the vicinity of Rockford include Argyle, Lake Summerset, Loves Park, South Beloit, Machesney Park and New Millford. Rockford also counts among its suburbs the townships of Rockton, Cherry Valley, Roscoe, Durand, Seward, Harlemm, Shirland, Harrison,
Winnebago, Laona, Pecatonica and Owen.
Volatile Market Enhances Agent’s Role
The Rockford property auctions would be less lively, were it not for the ilk of Chris Youssi, Rudy Campos, Richard Goetz, Scott Feirn and John Murray. As the leading property brokers functioning in the city, they influence buyers’ decisions as well as enable sellers profits. If you intend buying a home at the Rockford foreclosure auctions, you should do so only after selecting a competent real estate agent to represent your financial interests, and guide your investment decisions.
Rockford has hundreds of active property brokers. You ought to hire an agent only after checking his certification received from the real estate department of the state. The US economy is undergoing a virtual recession and large parts of the global economy are similarly affected. This downturn naturally affects investor decisions in every sector of the economy and the housing sector is more vulnerable to such macro trends. Hence, only an expert agent with a keen insight into several interrelated market factors can advise you on whether you should wait for home prices to slide further, how much money you ought to invest in real estate in these tempestuous market times, and how long you may be required to hold on to the property before you might flip it for profit.
