If you are looking for a town that has superior bank and foreclosure property opportunities, then check out Portsmouth, VA. Investors and first-time home buyers have been flocking to Portsmouth, recognizing the incredible opportunities it offers investors to invest in good quality cheap homes. While bidding on a property at a foreclosure auction held at the local courthouse is time consuming and rather confusing, you can bid for homes at live real estate foreclosure auctions giving you the opportunity to purchase homes directly from lenders in pretty much all price ranges and Portsmouth neighborhoods. You can check out the Internet for a list of upcoming courthouse and on line auctions, and make your decision on properties that you are interested in. If you don’t have a lot of time to attend a courthouse auction, then an on line auction is the perfect way to find your superior foreclosed Portsmouth investment opportunity. All the information you need to bid is right on line at your fingertips. Be sure to have your cash available in case you are selected as the lucky bidder. An example of Portsmouth auction homes that are being offered include a 3 bedroom, 2 bath single family home for $89,900 and a 4 bedroom, 2 bath multi-family home for as low as $42,900. With the average list price for Portsmouth resale homes at $172,798, you cannot afford not to at least check out the current available foreclosure auction inventory. The good news is inventory changes daily so if you don’t find something that sparks your interest today, you can always go back and check tomorrow.
What’s Going On?
For the week ending January 12, 2011, Trulia reported that there were 1,066 resale homes available, which included 474 foreclosure homes in some stage of foreclosure. The price per sq. footage for a Portsmouth home was $95.00. The median sales price for the period October 10, 2010 through December 10, 2010 was $130,450. So you can certainly see why purchasing a foreclosed home offers you the best investment choice right now in Portsmouth. REO’s are easy to find by contacting a local Portsmouth Realtor and checking on the Internet. The good thing about an REO is you know you can get title insurance, and you don’t have to worry about having to get rid of former owners or tenants. You can also obtain financing, although cash buyers have the advantage right now because banks like to close the deals quickly. Be sure to do your due diligence and check out home sales in the Portsmouth neighborhood you are interested in before making your offer. Just because the home is a foreclosure doesn’t always mean it’s a good deal if the bank over priced it and it needs major system repairs. Always inspect your foreclosure property before you close the deal. This way you can budget for repairs, and you know what you are getting into. Remember, that many of the foreclosure properties have been sitting vacant or a year or more so there will be maintenance costs.
No one has a crystal ball so you should take advantage of the great investment opportunities in Portsmouth. With low interest rates and a wide variety of housing styles and prices available, Portsmouth Virginia is one of the best places to invest in real estate now.