High Rate of Foreclosures in Delaware Generating Buzz Among Buyers

Delaware has been no stranger to the recent national surge in foreclosures due to homeowner defaults, and as a result, buyers and investors have flocked from all over to take advantage of the flooded market. In the past, foreclosures didn’t receive much attention from those looking to buy real estate. Since they are sold through non traditional lender sales and auctions, real estate agents don't generally have a chance to sell or profit on them, and since they control much of the real estate marketing we find in everyday venues, foreclosures have tended to fly below the radar.


But now that the national foreclosure rate is soaring, foreclosures have been receiving lots of press, and so has the fact that they represent some of the greatest chances to find discount homes anywhere on the market. The chance for savings comes from the fact that they are sold as repossessed properties by lenders only looking to collect a portion of the home's actual value in order to settle a debt. As a result, most home foreclosures end up going for up to 50% off their actual value at foreclosure sales. And with a rising foreclosure rate in Delaware, the craze has Delaware homebuyers scouring the market for Delaware foreclosure listings.

Delaware foreclosures offer great chances for buyers to get a property for a good price in a market that many consider to offer little in the way of value these days. Once the market does rebound in the coming years, Delaware foreclosure homes have the potential to pay off big as long term investments, and many buyers are beginning to realize this.