Cheryl Grant

While the local real estate market continues to rebound, foreclosures remaining from the subprime mortgage meltdown can still be lucrative for bargain-hunters in Grand Rapids and West Michigan.

The practice of buying foreclosures was once the domain of investors looking to purchase properties at below-market-value prices, fix them up and then sell for a profit — a practice commonly referred to as “flipping.” Today, however, Cheryl Grant finds that foreclosures can help many first time home buyers access affordable housing, or give clients upmarket the opportunity to trade up for less.

“The trick,” Grant says, “Is to make sure you have professionals on your team who know how to navigate the short sale or foreclosure process.”

Some buyers are tempted by the abundance of foreclosure websites that offer publicly available listings and encourage buyers to represent themselves. In the long run, there can be a lot of hidden costs and risks involved going that route.

Needless to say, buying foreclosure properties is more complicated — and entails more risk — than going the regular home-buying route. If you’re looking for a sweet foreclosure deal, talk to the Cheryl Grant team today for the intel you need for a successful acquisition! We’ll lead you through the process and help you avoid the pitfalls.