Johnson City Foreclosures (to include Gray, Elizabethton and Boones Creek):

• Current Active: 29
• Closed Since 1/1/2009: 150
• Total Homes Closed: 859

Bristol Foreclosures (to include Bluff City, Piney Flats and Blountville):

• Current Active: 17
• Closed Since 1/1/2009: 98
• Total Homes Closed: 370

Kingsport Foreclosures:

• Current Active: 58
• Closed Since 1/1/2009: 158
• Total Homes Closed: 824

August 6, 2009 Foreclosure Update

Hello & Welcome back to the Tri-Cities area Foreclosure Real Estate Blog brought to you by Josh Woods of Jim Woods Realty Company.

Below you will find geographical information on the number of foreclosures in each Tri-Cities area.

If at anytime you have a question about foreclosures in the area or would like to speak with me about purchasing a foreclosure, then please contact me @ (423) 773-5569 or josh_jwoodsrealty@yahoo.com.

JOHNSON CITY (Boones Creek, Gray, Elizabethton & ETSU area)

• Current Active: 28
• Closed Since 1/1/2009: 91

BRISTOL (Tennessee Side, Piney Flats, Bluff City & Blountville)

• Current Active: 17
• Closed Since 1/1/2009: 71

KINGSPORT (Colonial Heights, Church Hill, Sulpher Springs, Fall Branch & Airport)

• Current Active: 29
• Closed Since 1/1/2009: 63

JONESBOROUGH (Erwin/Flag Pond)

• Current Active: 20
• Closed Since 1/1/2009: 30
  
  

6 Questions Every Foreclosure Buyer Should Ask:

In today's market there is an ever growing number of foreclosures both locally and nationally. Perhaps you may not be buying in the local market, perhaps it's that summer dream home in foreclosure that you are buying, but today's market should have the following questions answered before you buy:

1. Is now a good time to buy a foreclosure?

This is a very common question from both real estate professionals and prospective buyers. Obviously, because local market conditions vary from market to market, this question is hard to answer. If you feel that the price is right for you, then it is the correct time to buy a foreclosure property.

2. What's the first step buyers need to take?

For foreclosure properties buyer's MUST BE pre-approved. This will not only help you with knowing what you can spend, but it will expedite your offer in front of many others who are waiting for pre-approval from their lender.

If this is your second home you are financing, you need to understand that you will face higher rates and larger downpayments on second homes.

3. How can you tell a bad foreclosure from a good one?

Certainly great deals are to be had in today's market for both investors and buyer's looking for a primary resident. But making the deal work for you can be tricky. Buyers need to be knowledgeable and wary of unpaid liens, including but not limited to mortgage debt, taxes, construction loans, home equity lines of credit and potentially second and third mortgages from banks or private investors.

Any and all of these obligations could become your responsibility when you purchase a property in foreclosure. Unless the property goes through a foreclosure auction and becomes a bank-owned REO, the outstanding foreclosure liens and fees could simply transfer to the new owner.

4. If I'm a qualifying borrow, can I appeal to banks for a better loan term?

Lenders are drowning in defaults and foreclosures, particularly in hard-hit real estate markets such as Arizona, Florida, Michigan and California. So they may perhaps be motivated to cut a deal. If you have a good credit score, many banks will offer you a below-market rate loan on a bank-owned home. Unlike paying down with points, this doesn't cost anything in fees and it gives you the ability to spend more for the home.

5. What are the costs of buying a foreclosure?

It takes money to make money. The best opportunities are for buyer's with cash. If you are planning to rent out the property or even resell it for a quick profit, make sure that you consider the carrying costs, including sales commissions, marketing costs, vacancies, taxes, insurance and maitenance.

Once you've calculated your expenses, add another 10-15% for a surprise fund. If you still feel safe with the deal, then proceed forward.

6. How does choice of neighborhood affect foreclosure investments?

Clients looking for a good invesntment should generally avoid neighborhoods overrun with foreclosures, especially new neighborhoods. Investors will be tempted to buy here because of the steep discounts - but they also carry the most risk for further depreciation. Look for homes in well established neighborhoods, close to schools, shopping and transportation.

If your in a market where prices are still falling, calculate that into your price and make sure the bank understands that as well with your offer.

*****

If you have any questions or would like to view a list of foreclosures in your area, please contact me at (423) 773-5569 or josh_jwoodsrealty@yahoo.com.

Josh Woods

Jim Woods Realty Company

www.jwoodsrealty.com

Tri-Cities Foreclosure Status:

Hello & Welcome to the Tri-Cities area Foreclosure Real Estate Blog brought to you by Josh Woods of Jim Woods Realty Company.

Below you will find geographical information on the number of foreclosures in each Tri-Cities area.

If at anytime you have questions about foreclosures in the area or would like to speak with me about purchasing a foreclosure, then please contact me @ (423) 773-5569 or josh_jwoodsrealty@yahoo.com

JOHNSON CITY (Boones Creek, Gray, Elizabethton, ETSU areas)

• Current Active: 31
• Closed Since 1/1/2009: 62

BRISTOL (Tennessee Side, Piney Flats, Bluff City & Blountville)

• Current Active: 16
• Closed Since 1/1/2009: 61

KINGSPORT (Colonial Heights, Church Hill, Sulpher Springs, Fall Branch & Airport)

• Current Active: 17
• Closed Since 1/1/2009: 60

JONESBOROUGH (Erwin)

• Current Active: 25
• Closed Since 1/1/2009: 34

For a list of the most current foreclosures in the area sent to you via email, please contact me at (423) 773-5569 or email me at josh_jwoodsrealty@yahoo.com

Last Updated: 6/22/2009