Location (x3)

“Location, location, location . . .” Not only does this widely used, time-honored mantra of real estate professionals ring true for people buying homes via the traditional route, but also for people shopping for foreclosures properties. Be sure to consider the pro’s and cons of the street and neighborhood where the foreclosure home you’re bidding on is located.

What to Avoid

• Major arterial streets with heavy traffic
• Homes near airports or directly under flight paths
• Crime or blight-riddled streets
• Houses near industrial areas
• Small lots
• Homes near loud neighbors, train tracks, freeways, or other potential noise polluters
• Neighborhoods that feature homes of widely varying value

What to Look for

• Homes on quiet streets
• Large lots
• Neighborhoods that feature homes of roughly the same size and value
• Proximity to jobs, shopping, parks, recreation, and other amenities
• At least fifteen feet of space between homes
• Desirable school districts
• Homes with panoramic views