The state of Delaware has also been swept up in the flood of foreclosures that has taken the country by storm. An extremely large number of Delaware foreclosures has made investors and prospective home buyers sit up and take notice of the prime properties that are now being sold at considerable discounts.
The inability of Delaware home owners to pay back their mortgages on time has led to banks and other lending agencies acquiring a huge inventory of foreclosed homes. The southern part of the state has particularly recorded a large number of foreclosures, and counties such as Sussex, New Castle and Kent have made up for the majority of foreclosures recorded till date. However, this does not mean that other areas have been spared and Delaware foreclosure properties are in abundance in almost all areas of the state. While the situation for homeowners is quite tough, the current situation is a blessing in disguise for people who want to purchase homes either for personal use or as an investment.
Because of the large amount of inventory of Delaware foreclosures that has piled up with lenders, houses and other properties are being sold at discounts ranging anywhere between 20% and 50%. Smart negotiators can also haggle for better payment terms and maintenance and repairs in a market that is currently heavily tilted in favor of the buyer.
With the government intervening on behalf of homeowners who have been served foreclosure notices by banks and lenders, the foreclosure situation in the state is bound to improve sooner than later. Once this happens, house prices are expected to go up. Most experts predict that such a situation will occur six months hence. Currently, property prices are touching all time lows and foreclosures are easily available for half their actual market value. Buying now and selling later can easily lead to a profit of more than a hundred per cent within two years or so. Thus, the right time to search for and buy Delaware foreclosures is before 2009 sets in.
The inability of Delaware home owners to pay back their mortgages on time has led to banks and other lending agencies acquiring a huge inventory of foreclosed homes. The southern part of the state has particularly recorded a large number of foreclosures, and counties such as Sussex, New Castle and Kent have made up for the majority of foreclosures recorded till date. However, this does not mean that other areas have been spared and Delaware foreclosure properties are in abundance in almost all areas of the state. While the situation for homeowners is quite tough, the current situation is a blessing in disguise for people who want to purchase homes either for personal use or as an investment.
Because of the large amount of inventory of Delaware foreclosures that has piled up with lenders, houses and other properties are being sold at discounts ranging anywhere between 20% and 50%. Smart negotiators can also haggle for better payment terms and maintenance and repairs in a market that is currently heavily tilted in favor of the buyer.
With the government intervening on behalf of homeowners who have been served foreclosure notices by banks and lenders, the foreclosure situation in the state is bound to improve sooner than later. Once this happens, house prices are expected to go up. Most experts predict that such a situation will occur six months hence. Currently, property prices are touching all time lows and foreclosures are easily available for half their actual market value. Buying now and selling later can easily lead to a profit of more than a hundred per cent within two years or so. Thus, the right time to search for and buy Delaware foreclosures is before 2009 sets in.
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