Buyers of Foreclosures Need to Act Fast!!!

DAILY REAL ESTATE NEWS | MONDAY, APRIL 08, 2013

Foreclosures are being listed at far less than what they likely eventually will sell for — a marketing strategy that generates high interest and multiple bids, some say. As such, buyers of foreclosures need to be prepared to move quickly and come up with a lot more money.

For example, Liz Sidorowicz, a real estate professional with RE/MAX Signature, says she helped her client submit an offer for a foreclosure in Mount Prospect, Ill., for $421,000. The home was listed for $350,000, but her client still lost out to a higher bid.

“I managed to win one out of five last week, but we overbid significantly,” Sidorowicz told The Chicago Tribune. “We got the unit and then it didn’t appraise. So we have to come up with more money down to make the deal fly.”

Some home buyers who bid on foreclosures have to learn the hard way just how competitive snagging a foreclosure bargain can be.

“The consumer gets burned on a house they really like once or twice,” Michael Goodwin, an agent at Exit Real Estate Partners, told The Chicago Tribune. “After that happens, they get war-hardened. The next time they are ready to pounce. Not very often does it wind up being the first house. It takes them getting slapped in the face.”

Source: “Buying foreclosures requires patience, and a little more money,” The Chicago Tribune (April 5, 2013)

Read more

9 States Where Foreclosures Are Dropping the Most

 

http://realtormag.realtor.org/daily-news/2013/04/08/buyers-foreclosures-need-act-fast

 

 

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: