I was reading the daily Realtor News magazine and they had an article on investors who are diving the prices up on foreclosures. I recently had a closing on a foreclosure that this was the case. As soon as the listing hit the MLS the listing agent was flooded with phone calls on this home. It was a Real Bargain on a 3600 sq. ft. home with a pond overlooking a huge water garden and mountain views. I had a client who I called immediately who went out to see it and we put in a high bid on it and did close last Friday. There were a few other offers and I don't know what they were but was told they were over asking price as was ours.
One word of caution I tell my clients who are looking for investment properties, "just because they are in foreclosure does not mean its a good deal!" I have seen foreclosures that it would take thousand and thousands to be livable.
Here is the article I was reading this afternoon for you to click on and read.
http://www.realtor.org/rmodaily.nsf/pages/News2009072101?OpenDocument
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