Shocking as it may seem, I have come up against several listings with my buyer clients that have multiple offers on them over the past 12 months. I am seeing this mostly in the Union County area of Waxhaw, NC in a pricepoint between $400,000-$1,000,000 which seems odd in this market, but the evidence is there.
Waxhaw foreclosures have been at an all time high due to Union County building ever so fast in 2005 and 2006. There was such a demand for the area at that time due to schools, builder incentives and growth, that we saw prices soar. Once things began to change in the marketplace due to job loss, overbuilding and less demand for home buying in the area, things started to POP and we have been riding this cycle for the past few months. Short sales have now become foreclosures and the cycle continues.
In this market, there are some great foreclosure listings hitting the MLS on a consistent basis. I have seen deals where the seller who foreclosed paid anywhere from $200,000-$800,000 more than what the home is listed for. When this happens, buyers see an opportunity to jump on some instant equity as well as obtain a home that is usually well-appointed in upgrades and within a nice community. It is a win-win in all cases.
Today has turned into yet another multiple offer day for my buyers....my hopes are that we win the deal, but I know that the competition will be fierce until the winning bid is chosen! The hours will pass much slower during the wait and each time the phone rings, we will JUMP with dread and excitement all at once. Wish us LUCK!
If you find yourself wanting to join in on the opportunity to get a great home at a great price, please do not hesitate to let me know. I am experienced in getting foreclosures closed and have many happy buyers that can attest to how good the day is when you WIN the sale!! Have a great week!