Banks control the market, inventory and pricing. Only in severe circumstances are the lenders foreclosing. Short-Sales will be the majority of the inventory, and generate more capital for the bank than a foreclosure over the long run.
Banks also control the flow of inventory that comes on the market as well. If a lender has a large amount of foreclosures in a particular city, they will not dump them all at the same time, but slowly over time.
If you research the market like I do, you would see that banks are holding a lot of inventory, but not assigning them to Realtors to sell.
Banks have an interest in holding values and even forcing increases in some areas. We are seeing many properties get multiple offers and selling over list price.
The best deals are going to cash buyers, able to close quickly with no conditions. Remember, if you have to get financing, which is difficult with foreclosures that do not have appliances or flooring, your choices are slim.
If you have any additional questions, please contact me at your convenience.
Craig Fialkowski GRI, CDPE
EXiT Realty Neighbors
2101 Vista Parkway Suite 225
West Palm Beach FL 33411