Crye-Leike, REALTORS featured on Nashville’s NewsChannel5 WTVF-TV showcasing Foreclosure Property – Investors Bus Tour
NASHVILLE, Tenn. – Tough economic times continue in the housing market.
Tennessee remained in the Top 20 for home foreclosures in April, according to RealtyTrac’s report on foreclosures. California-based RealtyTrac monitors default and auction sale notices as well as bank repossession.
Economic experts said the outlook for the remainder of the year doesn’t look much better.
But the current period could create opportunity for the right person.
A Nashville real estate agent with Crye-Leike, Realtors is offering a special bus tour of foreclosed homes.
“We’re on our No. 3 home as far as flipping and there’s always something to learn,” said C.C. Wiserman.
Wiserman and her husband, Phil Wiserman joined a large group of investors that toured several properties Wednesday.
“Most often the properties are distressed, which allows an investor to purchase them below market value,” said Cindy Stanton Fey, a real estate agent with Crye-Leike, Realtors.
Fey said possessing knowledge is key in this turbulent housing market.
In the first quarter of this year, foreclosures in Tennessee were up 72 percent over the same period last year.
“What we’re seeing is homeowners that honestly just bought a little more house then probably they should have. A little more mortgage payment than their monthly budget can really afford,” Fey said.
Experts said if potential investors research properties to determine if they can fix them up, find a buyer and make a profit, it is possible buy them in the current market. Profits are possible if they do their homework, find a good location and don’t sink too much cash into the property.
“People want to buy a home, but if they don’t have excellent credit and if they don’t have money to put down, it’s a lot harder to do that now,” Wiserman said.
Some people on the trip Wednesday said they were hopeful that they could find a good property, but they also viewed the trip as a learning experience.
Each step along with the way, they received tips about buying homes, looking for problems with properties and legal advice.
Although Tennessee’s housing market is worst than last year, but other states have higher foreclosure rates. Last month, more than 7,000 went into foreclosure in Nevada. This is up 95 percent from a year ago.