Low Prices on Foreclosures Incite Bidding Wars Among Would Be Buyers
The Seattle Times just published an article this morning on the bidding wars that are erupting between potential buyers for foreclosure and bank owned properties in several areas around the country. Most of the frenzy is taking place in the hardest hit ares for foreclosures such as Phoenix, Las Vegas, Southern California and South Florida.
Investors, flush with cash to spend are flocking to pick up newer built homes in the lower prices neighborhoods popular with first time home-buyers and those with families. Prices on these foreclosed properties are in many cases over 50% less than their peak prices of 2006 and 2007.
With all the attention being paid to these foreclosures, many first-time home buyers in these markets are finding it hard to compete and are making offer after offer in an attemp to land their first home.
While the Seattle foreclosure market has not had the sheer numbers that other major markets have had in terms of total foreclosures and existing inventory, it is still a lucrative market for both investors and those looking for a terrific deal on their next home. Most of the properties sold to a third party at the foreclosure auction recently have been sold in the range of 65-75 cents on the dollar of todays already discounted prices. For investors, it is now common to see several homes available each week at the foreclosure auction that would be cash flow neutral or slightly cash flow postive with a 20% down payment from the buyer and typical financing terms for the balance. Two years ago, that was virtually unheard of in King County. Now is the time to strike if you are looking to pick up a great investment property or personal residence drastically under market value.
Categories: Bank Owned/REO Property, Buy Distressed Real Estate, Featured, Foreclosures, Marketplace Tags: Buy Distressed Real Estate, foreclosure bargains, Foreclosures, purchase foreclosured homes
Major Leage All-Star Purchases Malibu Foreclosure Property
Ryan Braun, the All-Star outfielder for the Milwaukee Brewers knows a good deal when he sees one. Braun just closed escrow on a bank owned foreclosure property located in Malibu that was once listed during the peak real estate prices of 2007 for $8.9M. Braun picked up the Mediteranian styled ocean view villa for the bargain basement price of $4.85M
To read the full story follow this link.
You don’t have to be signed to a Major Leage contract however to be able to pick up a bargain property that is in foreclosure. If you are looking to save 20-50% on the purchase of your next home or investment property then sign up to attend a free workshop presented by Real Estate Investment Firm in Redmond, Washington.
