Sub-Prime Foreclosures To Create New Buying Opportunity

In the past 5 years or so, the number of foreclosed properties has been at an all-time low. Anyone in trouble with their mortgage payments had no problem selling their houses, so the number of foreclosures was minimal. That meant that those people looking to BUY foreclosures had very few choices. In particular, the "Teacher Next Door" program through HUD was not viable because most teachers who used this program did not want to live in the neighborhoods where these foreclosures were located.

Today is a different story. This HUD program allows teachers to buy FHA foreclosures at 50% of the appraised value of the home! Now there is an abundance of foreclosed homes in a variety of different neighborhoods throughout the United States. So, for example, in the Phoenix area, where the median price of a home is $250,000, a teacher could buy a median-priced foreclosed home for only $125,000!! And there are plenty of them available now, where a few years ago there were none.

Even with qualifying criteria being somewhat more stringent, this is a huge opportunity for our teachers in this country. Realty Executives has created a program called HOMEWORKS, which is designed to help teachers buy houses. This is one example of the opportunities in our program. So if you are a teacher, or if you know a teacher who needs to buy a home, please contact me directly, or one of our Executives (Agents) to find out more about the HOMEWORKS program.