FORECLOSURE OPPORTUNITIES
MARKET REPORT FOR WESTERN KENTUCKY

December 27, 2008

There are currently 6 foreclosed properties for sale in Marshall County, KY ranging in price from a low of $19,900 to $110,000.

Compare this to the entire MLS which includes all counties from Caldwell County west to the Mississippi river. There are currently 62 properties ranging in price from a low of $9,000 to a $274,900 waterfront home in Trigg County on Lake Barkley.
Investing in foreclosed property usually involves some of the following factors:

• They are usually sold “as is, where is”. The mortgage holder has never lived in the property and can’t and won’t warrant its condition. The purchaser must use due diligence when investigating the property prior to making an offer.
  
• Many times they are advertised as a “fixer upper”. There are a couple of reasons for this. First of all, due to the time lag from when the foreclosure notice is delivered until possession by the lender may lead to the heat and air being off for a lengthy period of time which can result in mold and mildew in the premises. Secondly, many times the soon to be displaced home owners release their frustration by removing or destroying parts of the property. And thirdly, sometimes these properties experience vandalism.
  
• The positive side of dealing with foreclosed properties is it’s a business decision by the lender. They don’t have the emotions of the usual seller. So if you make a low offer that is not accepted you are welcome to make a higher one if you choose which may be accepted.

These are just a few of the concerns of investing in foreclosed properties. If you’re considering investing in foreclosed properties, whether for resale or rental purposes, I would be glad to help you. Interest rates are great, the lenders are lending and there is a good selection to choose from. Also, if you so desire I can do property management on your behalf.

Ron Spanton REALTOR®, e-PRO
RE/MAX Real Estate Associates
803 Main Street
Benton, KY 42025
ronspanton@remax.net
http://www.mykentuckylakehome.com/