Click one of the above links to see the 100 latest bank-owned or HUD owned properties for sale (and sold) in our area. Visit it as often as you like – they are updated daily and registration is not required. Call me if you see a property that interests you, or let me know if you would like the updates sent to you directly by email.
(Alert! Nearly 30% of national sales last year were distressed properties, and that number is expected to increase in 2011 as the banks release more foreclosed properties onto the market. These homes sell quickly once they are put on the market, and they have a big influence on why prices of all homes are dropping. Keep your eye on this part of our local market.)
Bank Owned and Foreclosures - Things to Know
As a potential buyer, searching for all foreclosures is largely a waste of time because the listings provided by some sites are often not really for sale – yet. Many search sites, including www.remax.com , allow consumers to search for “foreclosures.” They provide lists of homes, usually with incomplete information, that are in the foreclosure process, a lengthy process. In reality, these homes only become available when they are actually foreclosed, thus becoming bank owned. When the bank is ready to offer them for sale, they are almost always listed in the MLS. That’s how most homes are sold, even by banks. Sometimes they are hard to distinguish from normal owner listings. The listing carts above show only bank owned or HUD properties actually available for purchase.
Why do search sites offer “foreclosure” listings? Simple. It’s a lead generator. They want your name and email, or may want you to pay a subscription fee for more detailed information. As much as I’d like to meet you as a potential client, I’d rather not frustrate you with useless information.
Foreclosures, and the “shadow inventory” of looming foreclosures, have a big effect on all home prices. That’s the fast changing market we live in these days. Buyers should consider searching for all homes that might interest them. That nice move-in ready home listed by an owner may be at a reduced price because of the foreclosure next door – and it may be a better buy! With today’s prices all over the map, it’s more important than ever to work with a knowledgeable and trusted Realtor as your buyer’s agent. Please don’t hesitate to contact me to learn more about the foreclosure process, the current market conditions in our neighborhoods or for help in planning a purchase. Keeping current is what I do, and I’d like to do it for you.
Bob Ashauer
581 1695
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