Buying a Kansas City Real Estate Foreclosure vs. a Distressed Home
Thinking about buying a home in Kansas City and you would like to pick up a good deal? That sounds great. When picking up a good real estate deal in Kansas City, most people have two options, either a real estate foreclosure or a distressed home. Most people think that real estate foreclosures are fantastic deals. Maybe after researching you should consider a distressed home.
An observation I have after viewing 34 current Johnson County real estate foreclosures including foreclosure homes for sale in Overland Park and Olathe, KS. is that real estate foreclosures may not be the best deals. Thirty one of the real estate foreclosures were priced at or above the tax appraisal. After reviewing 19 real estate foreclosures that had sold in the past 45 days, 16 sold within 3% of asking or list price.
After observing several distressed homes for sale in Kansas City, I found several homes that were priced below the tax appraisal. In fact I found a few that were over $40,000 below the tax appraisal.
Now comparing list prices compared to appraisals is not a full proof method of comparing the best deals. Actually doing a comparison analysis and figuring repair cost is a more accurate method. The few comparisons I have looked at favored distressed homes at a much better deal. Figuring the repair cost on a real estate foreclosure which routinely includes foundation and roof, I think a current home buyer will find that buying a distressed home a much better deal.
To view Kansas City real estate distressed homes including a few of the best foreclosure deals, go to: http://InvestmentProperties.DowellTaggart.com
Information provided by: http://www.DowellTaggart.com
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