Real Estate is all about supply and demand. In my area, almost all short sales and foreclosures are listed through our multiple listing service. These homes are available on the market, just like all the other homes in the area. Good investors do not like to get caught in bidding wars. That defeats the purpose and the good deal usually goes right out the window.
If that property has not sold under the normal market conditions, what makes you think you are getting a good deal at the auction? Remember, it’s all about the moment and the “moment” at the auction is intense compared to our normal real estate market. There is furious bidding and increasing prices, all of which are going directly against what you were trying to achieve. Sure, you can argue that it really depends who is there bidding with you. The bank will almost certainly be there with you, so that is one you can count on to raise the price.
Before you consider heading out to the auction block, make sure you are well prepared.
Buying a Foreclosure? Think First.
Foreclosures. How long before it’s mine?
Foreclosures. Do Your Research!
If are interested in finding the true deals and saving yourself time and a headache, let me know. There are great deals in every market, you just have to know what to look for.
Jen Hudson, GRI (360) 652-1200 or jen@hudsoncreg.com