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Investors Drive Foreclosure Prices Up and they are selling!

By
Real Estate Broker/Owner with Owner/Broker RE/MAX Elite Realty 261013

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

 

Posted by

June Tassillo ~ Owner/Broker/SFR Let me help you with the next phase of your life!

  

 

June TassilloRe/Max Elite Realty Franklin, NC  

  ~ June Tassillo ~

    Owner/Broker

RE/MAX Elite Realty

1296 E. Main St. Franklin, NC 28734

Cell: (828) 371-2339

junetassillo@gmail.com

www.JunesRealtor.com

If you are Buying, Selling, Relocating or want a Second Home in the Franklin, NC area and need help from a Professional Real Estate Broker, I would be happy to assist you with the next phase of your life! Visit my Web Site & Be my Guest on our MLS and search for properties in Macon County, NC for free.

Comments (7)

Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Many buyers have no idea. They just want to buy foreclosures even if there is a better deal that is not in foreclosure.

Jul 24, 2009 07:16 AM
June Tassillo
Owner/Broker RE/MAX Elite Realty - Franklin, NC
Let me help you with the next phase of your life!

Gita, Its driving me crazy with all the folks that the first thing out of their mouth is are there any foreclosures?  Or this week 3 of us in the office had people buy For Sale by Owner.  They are not always whats fits them best.

Jul 24, 2009 07:19 AM
Janice Roosevelt
Keller Williams Brandywine Valley - West Chester, PA
OICP ABR, ePRO,Ecobroker

It speaks to a lack of knowledge and intellingence, it speaks to a lower value - greed, perhaps?

Jul 24, 2009 07:20 AM
Sandy Shores FL Realtor®, Melbourne Real Estate
M & M Realty of Brevard Inc. - Melbourne, FL
Brevard County Real Estate, Florida's Space Coast

Hi June, We are seeing the same types of things happening here - multiple offers on properties and homes. The good deals are going above asking price.  Great point - just because it's a foreclosure, doesn't mean it's a good deal - so true.

Jul 24, 2009 07:23 AM
Michael Wayne Jackson
Coldwell Banker - Novato, CA
Broker - Seniors Real Estate Specialist Novato

Yeah tell me about it. Some foreclosure listings are getting 35 offers in only a few days.

Jul 24, 2009 07:24 AM
Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

Far too many buyers believe that all foreclosures are a good buy and negotiable.

In my area, they sell fast and sell to investor buyers for cash. 

It's a tough market.

Jul 24, 2009 07:26 AM
June Tassillo
Owner/Broker RE/MAX Elite Realty - Franklin, NC
Let me help you with the next phase of your life!

Janice you may be right in some cases but for investors who have cash usually know what they are getting.

Sandy, at least they are selling and clearing up the listings.

Mike, I don't think I have seen 35 offers, it would probably freak me out to have to look at them all.  ,lol

Lenn, I think they really believe they are going to steal it from the bank with NO problem. It sure is a tough market!

Jul 24, 2009 07:33 AM