There seems to be a lot of buyers looking for housing right now. The combination of spring market, low interest rates & record numbers of foreclosures have really brought potential home buyers out. With at least 229 foreclosed homes on the market & up to 90 more that are in the foreclosure process (short sales), everbody that was thinking about buying is out looking right now.
We are seeing some unbelievable deals right now on some of these foreclosed properties. Some of the banks are pricing these homes to sell right away & the result can be a great buy. There also a lot of risks involved in buying a foreclosed home. It's important that you work with a knowledgable REALTOR to guide you through the process.
Check back tomorrow for a definition of a 'short sale'.