Dean Ozanne

It depends. We are currently in a buyers market and as a result, it is not uncommon to see banks trying to get foreclosed properties off of their books by accepting offers well below list price. However, each situation is different. I would recommend consulting a Realtor® because they will typically be aware of currently listed properties, days on the market, as well as recently sold comparables. This and other information coupled with the expertise of the Realtor will provide you with the information you need to make an informed decision. Additionally, banks want to move these properties ASAP therefore, they are more apt to be flexible with a buyer that has the financial ability to purchase the property and wants to close fast. If a buyer comes to the table wanting a lot of minor issues addressed and does not have secure financing, eventually weeks turn into months and the parties tend to drop out of the process. If you are a motivated and capable buyer NOW is the time to get a deal you can feel good about. We are starting to see more activity in our market place. As this continues, your window of opportunity will grow smaller.

If you do have a particular property of interest I would be more than happy to put together a comparative market analysis, which will give you the information you need to make an informed decision.

Dean - Wed May 19, 2010