Foreclosure and Short Sales: Are these a problem in downtown Grand Rapids condos?
So, the word is out there; a bubble has burst in the Grand Rapids real estate market and it has not sparred downtown Grand Rapids condos. There is no marketing or statistic that can say condos have not been affected by this bubble along with the overall national economy. Jobs are the key. Without them, condos and homes will still be affected by short sales and foreclosures.
So what’s next?
For sellers – be aware of the value of your condo as new listings hit the market and sell. It is important to know what they sold for and what you can do to help keep your building in good standing. Also, if you are struggling to make your payments, seek help!! I am more than willing to sit down talk through the options with you. Letting it go too long will hurt you and your neighbors down the road.
For buyers– I get the email that reads, “I am looking for a deal and want to buy a foreclosure.” Although this is possible, only a couple have popped up over the last year. If this is what you’re looking for, please let us know so we can add you to our buyer search that will alert both you and me when these deals hit the market. However, there are good deals all around you, you will just need to know what they are and be prepared to jump on them when they come. Also, don’t assume every foreclosure or short sale is a good deal. I have seen better deals with some regular re-sales! It is important to be careful not to be too narrow in your search.