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The Quality of the Neighborhood is an Important consideration when Purchasing a Foreclosure Home
from:When you are prospecting for a foreclosure, home the neighborhood should be taken into consideration. We all want to have a great home, but the neighborhood also plays a big part in the value of the foreclosure home purchase.
Investigate the area:
• What is the surrounding property like? Is it well kept or rundown? Is it a residential area exclusive to homeowners or is there a mixture of homes and rental units sandwiched together?
• Is the community stagnant, deteriorating, or being built up?
• Is there commercial property in the area? Are their retail stores and grocery chains either already in the neighborhood are considering coming into it?
• Will you have easy access to retail outlets without having to use your car each time you need a loaf of bread or and gallon of milk?
• Do you have access to buses and taxis, trains, subways or other public transportation?
• How many for sale and for rent signs are visible? From a foreclosure home purchase standpoint, it is always a more lucrative investment if there are more homeowners than renters or tenants in the immediate area. Property values are higher in an area that caters to homeowners.
• Not only is it important to consider the condition and age of the foreclosure home you are considering, it is also important to look at the age and maintenance level of all the homes in the area.
• Similarly, consider the age and quality of the cars in the area as well as the city maintenance of the roads and streets. Are there quiet residential streets or busy thoroughfares?
• Are the sidewalks clean and litter free, is there a good quality trash collection system, are the public parks well maintained?
• Are there community centers, schools, training centers, career opportunities in the area or close to the area in which you would like to buy foreclosure home?
• How good are the schools rated in the area?
• Consider the noise factor if you will purchase a foreclosure home in the vicinity of a industrial park, opposite an elementary or high school, or within the downtown core where there is traffic congestion, night clubs and various other night life activity.
• What is the level of security in the area? Are there hospitals, clinics, fire stations, and police stations? Is there a neighborhood watch?
• What is the crime rate in the area?
As you can see from the details provided above that purchasing a foreclosure home is more than merely living in a home, it is a community investment. For more tips on community living click on the site U.S. Department of Housing and Urban Development
Foreclosure Specific links
Foreclosure News
City Council presents foreclosure forum (Queens Courier)
Councilmember Leroy Comrie, along with members of his committee, held a forum last week in Jamaica to update city residents on the impact of the current foreclosure crises in Queens and advise them on the help available to them.
Read more...Anti-foreclosure effort targets 1st properties (New Haven Register)
NEW HAVEN — The ROOF Project has placed offers on two vacant homes in Fair Haven and the Hill, expected to be the first purchased by the anti-foreclosure initiative launched in May 2008.
Read more...Foreclosure rose again in June (McKinney Courier-Gazette)
Collin County set a new monthly record for foreclosed homes in June. 2009 became the second consecutive year that more than 6,000 homes went into foreclosure across the Dallas-Fort Worth area.
Read more...Foreclosure prevention assistance offered (The Herald-Press)
Community Connections, the Housing Division of Pathfinder Services, Inc., is partnering with the Indiana Foreclosure Prevention Network to offer FREE Foreclosure Prevention assistance between 5 and 10 p.m. today.
Read more...Empty Amelia Concourse subdivision in Yulee is in foreclosure (The Florida Times-Union)
YULEE - After two years, Amelia Concourse is only a skeleton of a subdivision. Named for the winding road where it lies, there's a pool and a jungle gym, but no children; street signs and roads, but no cars. And it may be a while before it becomes a bustling community - court documents show the 195-acre property, where more than 450 homes were planned, is in foreclosure. The notice of pending ...
Read more...Foreclosure: A sign of the times (The Union Democrat)
For people in the worst economic shape of their lives — facing foreclosure and forcible removal from their homes — real estate agent Diana Foyil has an unusual offer: Get out, and I’ll give you hundreds, if not thousands, of dollars. It’s not a gimmick.
Read more...City initiates foreclosure of Target property (Press-Banner)
Scotts Valley has authorized its attorney to begin the foreclosure process on the 17½-acre parcel slated for a 143,000-square-foot Target store on La Madrona Drive.
Read more...Face of Foreclosure (WJHG Panama City)
The Florida Realtors Association wants to know what forced so many Floridians into foreclosure.
Read more...