I was recently contacted by an investor in Utah who is planning to bid on a foreclosure property in my market. Since he's never invested in real estate in this area before, he contacted an agent to help give him an idea of value. His proposal was simple: I provide him with a CMA and if he likes the numbers AND he is the successful bidder, he would then employ my services as listing agent to sell the property.
Intriguing, but completely new to me. Is this the latest in the trickle down effect of an increasing number of foreclosures? I'm familiar with the "bid on the courthouse steps" version of acquiring foreclosures, but this is a sealed mail in bid that seems to be the method for properties sold on a tax sale. AND it's attracting investors from thousands of miles away. I realize that every state varies in its foreclosure processes, but perhaps this a sign of what's to come in a post foreclosure market?
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