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Beth Silva's Blog

By Beth Silva | Agent in Portland, OR

Buyers Win Out in Buying Foreclosed Homes

Below is an article from the AP. It talks about how many of the homes last year that were purchased were foreclosed homes. What it does not talk about is the percentage of those homes that were bought by investors, either to flip or to rent out. I have a feeling that a large percentage of those homes were not immediately moved into by the new owner. Foreclosed properties are often in pretty bad shape, and need a large influx of cash to get them into good enough shape to live in. I personally did help a bunch of buyers purchase bank owned properties last year, and they did all move into them. But, as they were making offers and looking at homes, the competition wasn't other regular buyers, but investors with cash. Just my personal experience and opinion, but for the Portland, Oregon real estate market, and most other major markets, I bet that I'm right.

Click HERE to read the article I'm referring to.

Comments

By Jerry Cibulski,  Fri Feb 25 2011, 20:23
This is a good point
 
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