Tolstoy would buy without regret, so should you.
Buying REO Homes
November 1st, 2008
Tolstoy could have been writing about foreclosures when he penned the famous lines in his masterpiece, Anna Karenina,
“All happy families resemble one another, each unhappy family is unhappy in its own way.”
So it is with the many individual stories that must be behind the numerous REO homes on the market today.
Many of our buyers shopping for homes in the REO market initially express mixed emotions on buying a home that has been lost to foreclosure. On one hand, they are very excited about the value that can be found in the market right now. On the other hand they are often troubled by the sadness of a home lost in this way by a previous owner.
We understand that feeling but we encourage buyers to think about the situation in a way that puts it in a little different perspective.
First of all, no amount of remorse or empathy will return the previous owner to the home. By the time the home is listed as an REO property the situation has long since passed the point of redemption. The only question remaining at that point is who will be moving in. The new owner has the opportunity to have a tremendously positive impact on their new neighborhood. Many of these neighborhoods have suffered during this process and welcome the new owners as saviors of a sort.
The vast majority of those who have lost homes through foreclosure have not become homeless but have returned to the rental market where they may very well have lived previously. With work they will be eligible to purchase again in about 4 years time and will be far better prepared for success.
Most of the REO buyers we work with are renting immediately prior to buying and in essence are “trading places” with those moving back to the rental market. As renters they don’t see their situation as tragic and we encourage them to consider that the displaced homeowner will be moving back into a situation not unlike the one that they currently live in. The opportunity to own again will come in time.
We see this market as a wonderful opportunity to improve your life. In buying an REO home you will have the chance to secure your future and bring much needed healing to your new neighborhood. Do so without guilt and with the joy of knowing that you have made a positive decision for yourself, your family and your community.
I couldn’t agree more with you. The pendulum always swings back and forth …gravity, balance, etc demands that it does….it’s swinging to a buyer advantage ..but only to those who actually do something … another quote I like is ” The price of inaction is far greater the the price of making a mistake” or something like that ..might have been Churchill who said it…..or many others ..