It’s estimated that over 2.3 million homes were foreclosed on last year. A bank will initiate a foreclosure when the homeowner is unable to pay the monthly mortgage payment. This is usually due to a job loss, an illness or massive debt or other problems.
And since Anchorage, Alaska is the largest city in the state that accounts for roughly 40% of the population, you know it wasn’t spared from the foreclosure epidemic. Even though home prices have remained steady in that area, there has been a decrease in home sales. If you add high unemployment rates to the mix, you have a perfect storm that leads to foreclosure after foreclosure.
While it’s unfortunate that a few Anchorage families are losing their homes, the situation is ripe for you to benefit, if you’re considering an Anchorage homeownership that is. You’ll find Anchorage foreclosed homes incredibly affordable. Since the foreclosures are kind of piling up, the banks are anxious to unload them, and, well, that’s where you come in.
Be on your toes, however, as buying a foreclosed property can be a complicated process. Find a real estate agent who knows the ins and outs of buying a foreclosed home and, in some cases, you’ll need a pre-approval letter from your lender.
If you do find a foreclosed home for a cheap price, check the price against other homes in the neighborhood just to make sure you’re getting a good deal. Also, keep in mind that many foreclosed homes are sold as-is, which means that you may need to pay for any damage the previous owners caused before they moved out. This will come out of your pocket, so consider that expenditure before you buy.
Other factors to keep in mind when considering an Anchorage foreclosed home are to check the safety record of the neighborhood and schools and you might want to check on the average sell-time for houses in that neighborhood, just for future reference. If everything checks out, confidently make your offer and hope for the best.
I can help you buy a foreclosed home in Anchorage. Call me today and I can make an otherwise complicated process much easier.