Long and Foster Real Estate Inc.
it's estimated that 40-50% of homes for sale this year will be shortsales or foreclosures.
Tina Walsh, CRS, ABR, e-PRO
Class Harlan RE
215-348-8111 x 24
Add to the equation that foreclosures can be slower and questionable as to owners rights, access for inspections...many buyers opt to avoid.
Many people do start out looking at Foreclosed homes. Recently the most popular offers have been on short sales. But the frustration level of waiting is usually too much for most Buyers. Then there are the Bank owned "deals". But, they often require more work than most individuals want. But if you are handy there are some very good opportunities on the market.
One deal recently involved a 1st time buyer who was looking at a short sale. It took so long the home went to Sherriff sale. Then about a month later it did pop back up as a bank foreclosure. The home needed minimal work and the home inspection was fine. So I would say timing was everything. We were diligent with checking the hotsheets on a daily basis and it worked out very well for the Buyer.
Let me know if you have any questions or need any help.
Take care, Hugh
Hugh Henry Jr