Quote:
Originally Posted by turbo6bar
If you're considering foreclosures that have been on the market for more than a few days/weeks, you're looking at the leftovers. Investors with strong hands tie up the good deals very quickly. If you want 'retail' quality property, on your terms, don't expect a good price.
Noah930, for the past couple years, foreclosure pricing was not far below retail pricing after considering repairs. That was a loser's game. The scene is steadily changing. It will be a buyer's market for the next few years.
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We looked for a house for 6-8 months. If there was something that fit our criteria in the 3 neighborhoods we were looking, we were on it within a week of MLS listing. Stuff did not "sit" unloved on the market. I did not consider a single one of the recently-listed foreclosure properties we saw to be in anything approaching move-in condition.
I understand the concept of quality stuff moving quickly. We bid on 4 other homes before we got ours. On 3 of those, there were multiple bidders (on the fourth our offer was accepted but we dropped out after reconsidering the amount of work we needed to put into it). One of the 3 was a short sale that went within two weeks for more than asking. The second of the 3 went within a week after the seller dropped the price (at the new asking price). The third went (for cash) within a week at asking price.