Foreclosures in Santa Fe?
You bet! Now, in July 2008, Santa Fe is far from immune to homes going into pre-foreclosure, foreclosure or short sale situations. In today's Santa Fe market, most "pre-foreclosure" or "short sale" homes are not your typical run-down properties. Many are in good move-in condition and present solid financial opportunities for buyers looking for their first home, investors seeking to maximize their return on investment and buyers relocating from areas outside of New Mexico due to retirement or lifestyle change.
How Are You Taking Advantage of the Foreclosure Boom?
In May, 2008 ONE in every 1,617 homes in Santa Fe Country according to the latest Realty Trac Monthly Foreclosure Report was in default and a pending lawsuit filed to begin the foreclosure process. The overall percent change increased statewide by 26.55%! The pool of distressed homeowners (vs. distressed properties) is increasing nationwide. In fact, Sony Pictures announced an essay contest offering to pay up to $360,000 of a winning family's mortgage debt for the best essay as the studio promotes a soon to released picture "Hancock" starring Will Smith.
Buying a foreclosure in Santa Fe, New Mexico is a great way to save money. Many people are not looking at foreclosures because they fear buying somebody else's problem. The bottom line is how to find a GOOD foreclosure and here is where information is CRITICAL. Due to the housing bubble, many people purchased real estate on speculation. Some were second home buyers who bought more than they could afford, some were buyers who chose adjustable rate mortgages (ARM) so they could buy more than they could afford, some were buyers and investors who simply over-extended themselves and others are buyers and sellers in over-extended credit situations.
If you are a Qualified Buyer (credit and downpayment a plus) interested in a pre-foreclosure home as a short sale buying opportunity in Santa Fe, New Mexico, call me on my cell at 505.660.4541 for a free consultation or send an email with your contact information. Time is of the essence now as mortgage progams and interest rates change weekly. If you are interested in buying in Santa Fe where the sky is blue and we see stars at night, then let's get started. Remember, knowledge is key and working with a Realtor who is connected to current pre-foreclosure and short sale information will save you time and money. I tell all the buyers who contact me the same story. If you want more than a "list" and if you can qualify, then start working with an experienced professional for a change before all the bargains are gone. Remember, Santa Fe is still a destination community.
