Without a doubt, EVERYONE is looking for a deal if they are in the real estate market. Barely a day goes by that I don’t get a call asking me about foreclosures and short sales.
However, those aren’t always the best deals. In fact, on foreclosures I have seen multiple properties go above list… and in some cases higher than they should have gone. At the same time I have seen private party sales that went at great prices. Short sales still seem unwilling to close in most cases.
Regardless, those that move boldly AND logically are the ones that will be the winners.
Take a look at this post from December 12, 2008. While the average value in much of Gwinnett County has dropped 6% or so… people that bought last year when there was little activity in the foreclosure market were getting better deals than some buying today…
from LaneBailey.com
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I was reading a few articles recently that said that many persons were now avoiding the foreclosures or auctions in favor of buying a distressed property where the owner or bank is willing to work with them. The condition of many of the auction properties and foreclosures have been really in poor shape, and many have been vandalized or trashed.
Hi Lane! AMEN! You must have read my mind! I am here to say that the foreclosures in our area are no better deals than the resales--especially when you consider the many defects that the seller (the banks) won't repair; the buyer is left with a huge repair bill and potential headaches from even more unforeseen problems.
OH, and I forgot to say that Jim is right--perhaps the banks should have representatives who actually VIEW the property before listing it at a hefty price--like he said, they have been trashed and the banks are STILL expecting FULL price or close to it!
Okay, I'm off my soapbox now!!
It amazes me how so many home shoppers think that having the label of Foreclosure or REO automatically means that the home must be a good deal. Just goes to prove why they need professionals on their side.
Thanks guys. Deals are everywhere... some are foreclosures, many are not. Buyers need to be focused on the goal rather than the path...