Beware of Foreclosure Bidding Wars!

Wednesday evening I have the opportunity to meet with the head of Foreclosed Property Department of Freddie Mac.  I will share the information that recieve in future blogs…

 In our area we are seeing more and more “bank owned” properties come onto the market at unbelievablly LOW prices.   This is an incredible marketing “trick” to get the banks higher returns on their properties.   Can you imagine seeing a home offered in the $180’s or low $200’s in our area?   That is what we are seeing as you can imagine this causes a lot of excitement among buyers.   To the point we are seing 10 to 40 offers at a time on a property.   These homes end up going for more than market value in some cases.   It is very easy to get caught up in these type of bidding wars.   In the majority of cases, if you don’t do your homework on a property and lose track of your perameters you will end up spending too much for the DEAL you thought you were going to get when deciding to buy a foreclosure.

The best advise I can give to you is to be patient.   I have experience on both sides, buying and selling, foreclosures.   There are many tools and techniques that I use with my clients to get them the best deal possible.   If you are interested in purchasing a foreclosed home give me a call.   If you have questions or just want to learn more about foreclosures let me know, I would love to talk to you.

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