In foreclosure crisis, realtors show what's out there

In the midst of the borough?s foreclosure crisis, realtors say the area is still a buyer?s market.

The crisis is pulling some people right out of their homes and causing some to want to sell. However, it is also opening up new properties for people looking to buy.

Some locals say buying foreclosed property is a great way to buy a first home. However, RE/MAX realtors say there are a few things people need to do before jumping into the buying process, including visiting the bank, which needs to approve the potential buyer?s finances and determine an appropriate amount to spend.

Some potential homeowners question if buying a house is a good financial move in the midst of all the foreclosures. RE/MAX employees say it is because buyers will not be throwing their money away in the process and may end up saving in the long run.

Buyers and realtors say when looking for a renter, be sure to shop around. According to buyers, the bank is usually more than willing to lend extra cash as long as the buyer will be able to afford the monthly payments.

RE/MAX realtors say the most popular areas to rent are Riverdale and Throgs Neck. Anyone interested in learning more about becoming a homeowner can attend RE/MAX?s buyers' seminar March 12 from 6 to 8 p.m. at 1200 Water Place.

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