Spring Brings Sales - In Foreclosures

Industry Observer with No Longer Processing Mortgages. MLO #293441 expired


As spring has come upon us, the sales of homes has begun in earnest.  Some are even complaining about lack of inventory to meet the needs of their buyers.  This brings about what has not been seen in some time - bidding wars.

In light of such a change in the real estate market, another group has decided it must be time to get into the market again.  Those players are the banks, who have foreclosed properties to sell.  After several months of NO foreclosure notices in the local newspaper, the number of foreclosure notices started climbing, as the winter fell behind and better economic news started sprouting.

This past Friday, the local newspaper listed 40 properties to be sold at Foreclosure auctions in the near future.  Apparently the banks think they might be able to get in on the bidding wars, and get some better prices for their foreclosures as well.  It will be interesting to see how many more notices the next couple weeks bring forth.

Posted by


Steven CookSteven T Cook
Loan Officer, MLO-293441      

Cascade Pacific Home Loans  NMLS ID 76988
720 S 333rd St  Federal Way  WA  98003
Office 253-874-1111 | Cell 253-677-1064
Toll Free 1-800-874-8760 | fax 253-295-3901
scook@cphloans.com | www.bayeq.com

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Comments (11)

Roger D. Mucci
Shaken...with a Twist 216.633.2092 - Euclid, OH
Lets shake things up at your home today!

Bidding wars haven't been seen for a while Steve, lack of inventory will cause that to happen.  It should be interesting to see what happens with the banks and foreclosures.

Apr 29, 2013 08:56 AM
Steven Cook
No Longer Processing Mortgages. - Tacoma, WA

Roger -- they have started here recently - as my sister-in-law and her family were recently priced out of the local market by them.  They are taking move to be near her husband's office, where prices aren't quite so bad - Charlotte, NC (though they may live in SC - due to differences in home schooling laws).

Apr 29, 2013 09:30 AM
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

It is very clear that you know your market very well. The right reason for anyone buying or selling to use you as their mortgage professional.

Apr 30, 2013 12:09 AM
Steven Cook
No Longer Processing Mortgages. - Tacoma, WA

Joe -- thank you for your kind words of encouragement.

Apr 30, 2013 01:05 AM
William Feela
Realtor, Whispering Pines Realty 651-674-5999 No.

It is interesting that in my area there are very few foreclosures anymore.  Good for us!

Multiple offers are very common in my area now.

Apr 30, 2013 02:48 AM
Steven Cook
No Longer Processing Mortgages. - Tacoma, WA

William -- glad to hear that you are out of the foreclosure forest.  We had NO foreclosure listings in the newspapers from late last year until about the first part of March.  They have been building in numbers most weeks since then. 

Apr 30, 2013 02:57 AM
Laura Giannotta
Keller Williams Realty - Atlantic Shore - Little Egg Harbor, NJ
Your Realtor Down the Shore!

Steven, as long as they get those vacant homes occupied (which brings up property values) I don't care how they do it!!

Apr 30, 2013 10:52 PM
Than Maynard
Coldwell Banker Heart of Oklahoma - Purcell, OK
Broker - Licensed to List & Sell - 405-990-8862

We still have plenty of foreclosures, but prices are picking up and, according to the stats, we are in a seller's market. Buyers are still low-balling because their agents have no idea what is going on.

May 01, 2013 12:41 AM
Steven Cook
No Longer Processing Mortgages. - Tacoma, WA

Laura -- I am with you, let's get those values back up!

Than -- it is interesting that some folks like to call themselves professionals, and yet they don't keep up with what is going on in their markets. 

May 01, 2013 06:32 AM
Dan Tabit
Keller Williams Bellevue - Sammamish, WA

Hi Steven,

It's a crazy market out there right now.  Predicting what others will do in order to suggest a reasonable offer has never been tougher.  My clients just have to do what's right for them.

May 01, 2013 09:13 AM
Steven Cook
No Longer Processing Mortgages. - Tacoma, WA

Dan -- sometimes I don't seem to think though my answers as fully as I should.  Apologies for any offense to you. 

You are right about things being crazy/turbulent at this time -- and again, everything can be VERY local.

May 01, 2013 09:19 AM

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