I was looking over some foreclosure deals that closed this past week to examine the particulars. It's always good to figure out what it took to get a good foreclosure deal.
Some buyers who just started the game might think that they are in the driver's seat and banks will take whatever they offer. But the banks aren't the issue. It's other competitive buyers. What are others willing to bid on some of these foreclosures?
A beautiful foreclosed home in Sugarloaf Country club was listed:
List price June 9th: $799,900
Tax assessment value: $1,364,100
Sold in 2003 for $1,325,000
It sold and closed in 23 days for $825,700 in cash.
So much for no one having cash to buy luxury homes. So much for a cash buyer being able to name their price.
People are paying more than list price for some nice foreclosure homes. You need to be prepared to know a deal when you see it and then be able to move quickly. Otherwise you are going to be beat out by another buyer.
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