CHECK THIS OUT: : According to agents I spoke with, that were handling foreclosures in Silicon Valley and surrounding areas, it seems obvious that the market is picking up. There are multiple offers on the premium properties, mostly REO’s. So.. if you want to buy a fixer upper, which are currently not selling very well, then, you can make a low offer and probably obtain the property. HOWEVER…. if your trying to buy that beautiful home, in your favorite location, that’s priced like a fire sale, you may need to compete with other offers. If you’re not willing to make a competitive offer, you probably won’t get the home. The Banks are reaching their bottom lines. The offers are coming in higher causing many foreclosure homes to be sold at list price or more. This is definitely driven by area so talk to an expert in the area where you’re looking. Some areas are slower to recover than other areas. Though the recovery will not be over-night many experts are seeing a big change in the market. Silicon Valley Real Estate market has always been ahead of the recovery curve and there are reasons why.
They are always behind what the realtors see happening in the market.
The news papers and television media are geared to report on the "Closed Sales Transactions".
EXAMPLE: The End of October and beginning of November were very slow because of the election. These sales will close in December. So the news in December will speak of slowing sales. Don’t believe it. That news will be because of the slow period just before and after the election. Smart Buyers will be buying in December because REO’s will be decreasing and they are the best buys.
So bottom line: If you want to invest in foreclosure properties don’t wait!
BUY ON THE RUMOR NOT THE NEWS!
The best deals disappear first!