Foreclosures

Over the past couple of years, I’m sure you’ve heard the statistics about the number of foreclosures and short sales across the country. In 2009, short sales and foreclosures accounted for more than 45% of all homes sold in the US.

Many people assume that foreclosures and short sales are in poor condition, in bad areas, and require loans that take too long to finalize.

The reality is:

1: Many distressed properties are in excellent condition in very desirable locations. Homeowners in every price bracket are impacted by the economy. Values reflect condition, as they always have.

2: While bidding wars do happen in some markets, this is mainly just in the most distressed markets. In distressed properties, like any other, competitive offers make the most sense.

3: The loan process does not have to be difficult as long as you choose a lender who regularly finances distressed property buyers.

5: The timeline of distressed property sales is getting shorter!

6: Foreclosures were happening in record numbers but not as much in today's market.