I see those ads everyday one place or another... TV, Internet, Newspaper, etc., spouting "Foreclosures in your area from $10,000!". So I decided to take a snapshot in time today and see what the savvy investor can get for 10K in the Greensboro/Guilford County area.  As a note of reference we have been listing foreclosures for Freddie Mac and BB&T for over 4 years. And yes we have sold two homes for less than 10K, about 2 years ago.

Well not to my surprise, (today), there were no foreclosures active in the MLS for 10K or less, but there were 3 listed under 20K, starting at 14K. There are 24 listed from 24K to 50K. Also a search of homes closing for 10K or less over the last year, only produced 7 homes.

So when you do find these homes at 50K or less, are they really "bargains" or good buys for a prospective buyer. Probably not. I have completed hundreds of Broker Price Opinions (Market Analysis) on foreclosed homes in the area, so based on my knowledge of the areas these homes are in, they really hold no long term value. What happens with these homes is an investor buys them and will do one of two things... 1. They repair it to the acceptable level to rent it, or 2. They repair/refurbish the home to an acceptable level to flip it to yet another investor and make a "small" return on their work and effort.

So are there any real bargains in the area for owner occupants looking to incur a little sweat equity or investors looking for a good return on their money. Absolutely, but they are likely going to be in the $80,000+ range, and more likely in the $150,000+ range. 

If you are looking for that next "great deal" we would strongly encourage you to use the services of a real estate professional with extensive experience and knowledge of the market, that will help you make the correct decisions about the purchase.

Our experienced buyers agents stand ready to assist you, if you are looking for a fixer, foreclosure or investment property in the Greensboro market.

Grant Bennett, Broker
The Bennett Group
REMAX of Greensboro
www.thebennettgroup.com
www.triadrealty.com