Press / Media Mentions of Timothy Powers Alamo Local Real Estate Agent Timothy Powers Offers Foreclosure Support (Free-Press-Release.com) October 11, 2011 — ALAMO, California – Timothy Powers, an Alamo real estate agent, recently announced plans for a new website that offers help to homeowners in danger of foreclosure.   Local Real Estate Agent Timothy Powers [...]

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Timothy Powers, Alamo real estate broker, says to watch out for the hidden cost of buying bank owned properties.

Recently there has been a push by new homebuyers to acquire foreclosed properties, reports Timothy Powers. Alamo, California, is but one city that has seen the trend building over the last several years and for good reason. Foreclosed homes can sell for much less than they are worth and when the right deal comes along, reports Timothy Powers, Alamo homeownership can be attained quite reasonably.

But is buying foreclosed always the way to go? Perhaps not. According to Timothy Powers, Alamo real estate experts report that many times the houses are left in terrible shape. Vindictive evictees may trash the property, wrongly believing that the bank will somehow suffer. Still, says Timothy Powers, Alamo is a great community and if a buyer is willing to accept the potential drawbacks to buying a foreclosure, it could be the perfect spot for them to settle down.

The cons of foreclosure court house sales are evident, reports Timothy Powers. In Alamo, a buyer does not have the opportunity to inspect the property prior to purchasing. The homes are sold “as-Is”, meaning that whatever skeletons lurking in the closets become the buyer’s problem. Banks are not required to give full disclosures, warns Timothy Powers. Alamo sellers who do not occupy a residence are not required to complete the disclosure forms. Also, it is in the best interest of the buyer to perform a title search and compare recent sales in the vicinity, notes Timothy Powers. Alamo real estate prices can vary dramatically – even in the same neighborhood.

Since the banks are not required to offer full disclosure on the property, says Timothy Powers, its Alamo neighbors can be an important resource for information. Powers also suggests contacting the county tax assessor’s office to see if there are back taxes owed. Notes Timothy Powers, Alamo homes with taxes due are payable by the buyer since taxes are actually against the house. Also, suggest Timothy Powers, Alamo has a wide range of repair services – get plenty of quotes and know the costs associated with bringing the property up to a livable condition.

According to Timothy Powers, 52% of Contra Costa population believes that a foreclosure is a good deal. When compared to traditional home purchase when the market is at a peak, that may be true. Always stay up to date on market trends, recommends Timothy Powers. Real estate prices change often so a foreclosure one month may not be as good of a value the next. The good news, reports Timothy Powers, is that while east bay real estate seems to be stabilizing, there are still deals to be had.

It is best when buying a foreclosure to utilize an experienced real estate professional, like Timothy Powers. Alamo is a wonderful city to reside, and if the buyer is pragmatic and doesn’t rush into a sale quickly, a foreclosure may really be an investment in the future.

Timothy Powers has enjoyed over two decades in the real estate profession. Graduating with a BS in Business Administration from St. Mary’s College in 1986 he tapped his business sense and went to work in real estate sales. His background as a top-performing sales agent encouraged him to found Paragon Mortgage Bankers, Inc. in 1996 and later open an Intero Real Estate Services franchise. Timothy Powers lives in Alamo with his wife and four children.