Foreclosure Digest

The Quality of the Neighborhood is a very important consideration when buying a foreclosure home

When you are prospecting for a foreclosure, the home the neighborhood is in 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 or 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? More important in some areas and to some people than to others.

• 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, it is also important to look at the age and maintenance level of all the homes in the area.

• You might also 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 area, 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?

These points are well worth considering whether you are considering purchasing the foreclosure home for yourself or as an investment.