Released on: December 29, 2007, 11:15 am

Press Release Author: Andy Klemm / Guardian Realty

Industry: Real Estate

Press Release Summary: Everybody likes a good deal and most people understand that
buying undervalued properties is the optimal way to gain instant equity. By now
everyone in the country has heard about the real estate market \"crashing\" and most
people are afraid to look into new housing or into upgrading their current house,
but this recent rise in foreclosures actually makes it a good time to invest in real
estate.

Press Release Body: First let\'s take a look at what is causing this real estate
market \"crash\". In the most basic sense, the real estate industries most
fundamental problem is the excess of unsold inventory lingering in many of the
country\'s local markets. The supply of homes for sale hit its highest level in 22
years in October of 2007. Overbuilding has hurt many markets, as well as investors
who are unloading multiple units bought during the boom. Adding to the already
elevated inventories is a large influx of foreclosure properties currently hitting
the market. According to the MBA, 1.69% of first-lien mortgages were in the
foreclosure process in the third quarter of 2007. The percentage was the highest in
the survey\'s history, and the group expects high numbers of foreclosures to continue
into next year.

If you've been watching the late-night real estate infomercials and think you're
ready to buy a foreclosure and make a ton of money, you need to slow down and do
your research and get yourself prepared. If you work from the beginning and approach
the home buying process intelligently and with confidence, you are more likely to
end up with a house you\'ll be proud to call home and buy it at the right price to
increase your equity.

Before house hunting, make a list of things you want in the new place. Then make a
list of the things you don\'t want. You can use this list as a guide to rate each
property that you see. When house hunting, be sure to keep in mind the difference
between style and substance. The substance consists of things that cannot be changed
such as the location, view, size of lot, noise in the area, school district, and
floor plan. The style represents easily changed surface finishes like carpet,
wallpaper, color, and window coverings. Buy the house with good substance, because
the style can always be changed to match your tastes. I always recommend that you
imagine each house as if it were vacant. Consider each house on its underlying
merits, not the seller\'s decorating skills.

As buyers\' agents we are recommending buying homes that are bank owned foreclosures
known as REO\'s. A REO (Real Estate Owned) is a property that goes back to the
mortgage company after an unsuccessful foreclosure auction. You see, most
foreclosure auctions do not even result in bids. After all, if there was enough
equity in the property to satisfy the loan, the owner would have probably sold the
property and paid off the bank. That is why the property ends up at a foreclosure or
trustee sale. Since what is owed to the bank is almost always more than what the
property is worth, very few foreclosure auctions result in a successful sale. Then
the property \"reverts\" to the bank. It becomes an REO, or \"real estate owned\"
property. The bank now owns the property and the mortgage loan no longer exists.

There are currently over 100 REO\'s in the metro Richmond, Virginia area including
Church Hill, Highland Park, Chesterfield, Hopewell, Midlothian, Petersburg, South
Richmond, Henrico County, Hanover, Mechanicsville and the North Side of Richmond,
Virginia. . Some of these homes are priced tens of thousands of dollars below
market value or tax assessment, others have highly motivated sellers. The average
buyer of our homes pays 26% below market value when buying a foreclosed property.

Our mission is to find the right property for you whether you are looking for a new
home to live in, or for an investment property to hold and rent or fix and flip.
For more information on investing in REO properties in Richmond, Virginia please
visit http://www.reoheadquarter.com or call 804-402-2700.

Now remember as home prices drop a number of people to put home buying decisions on
hold. In some of the most sluggish markets, sellers who don\'t absolutely need to
sell aren\'t attempting to do so; those who do are offering price cuts and
concessions to make the deal. Currently a lot of buyers and investors are sitting on
the sidelines. A lot of potential investors are unsure what is happening in the
marketplace, many think that it\'s impossible for anyone to get a mortgage nowadays.
Most buyers in the marketplace today are fearful that if they buy a home that they
will only to watch it decrease in value. My advice for bargain hunters is simple,
don\'t wait too long to take advantage of the current market.


Web Site: http://www.reoheadquarter.com

Contact Details: Andy Klemm,804-402-2700