Buying Foreclosures

I feel that more foreclosures are hitting my market every week.  Does anyone have a crystal ball?
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August 19 2010 - Wilmington
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I may not have a crystal ball but Wilmington was featured on the news this morning as one of the places likely to be hit by a second wave of the recession.
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August 19 2010
Thanks, Sheri.  I heard about that article yesterday.  What a great opportunity for buyers to pick up some deals.  How is everything in Garner?  If you ever need Tree Work then contact my friend Brent Lineberger of Lineberger Tree Service 919-815-6789.
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August 19 2010
I think we are going to see a lot more foreclosures before it is going to get better.
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August 19 2010
Hello Paul, I am a local lender here in Wilmington. Most of my purchase deals are foreclosure and short sale. I have some great programs available for bank owned property. I have access to Homepath Mortgages and $100 down on HUD foreclosures. Also have renovation mortgages for the fixer uppers. If I can help you and your buyers, please keep me in mind! The beach will always be a place where people want to buy. We will come out of this!
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August 19 2010
Paul,

Thanks, I will keep the trees guys number handy.  With our windy hurricane season coming up you never know when you will need someone:)  Things in the Raleigh area have been better than most areas from my understanding.  Our prices have remained relatively stable compared to other areas but the number of sales have decreased significantly.  I am looking forward to coming to Wilmington this winter and finding a good foreclosure deal.  I think the next year will be incredible for buyers who have ever considered a house near or at the beach.
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August 21 2010

"The Weber Team" hit the nail on the head! I don't think we will be done with foreclosures and short sales for a bit.

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August 21 2010
Hey Paul--I keep hearing about the shadow inventory from the banks, but have not seen it yet here in the Wilmington market.  If it is going to arrive, we should see it this winter.  Be glad to get rolling on these so current home lookers get the value buys and near term sellers can see some predictability in the market.
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September 18 2010
I've heard that by next year 50% of the homes on the market will be either forclosures or short sales. Although sometimes it feels like that already!
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September 18 2010
Profile picture for wrestlingterp
Is there a "rule of thumb" for buyers when making offers on short-sales?  In other words, is offering 80% or 90% of the listed price normal?  Or are there too many variables such as what the bank is doing with the owner to to know what to offer? 
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September 18 2010
There has almost never been a better time to buy investment properties. If you have been waiting for the best time to buy an investment property, do it now! At least here in Phoenix, the rental market is HOT and if you find a great deal on a foreclosure or any sale, rent it out, the property is almost guaranteed to cash-flow. Then when the market improves, and we all know it will...eventually, sell the property for a tidy profit! Or just keep renting it out for steady cash flow. Now is the time..jump in!
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September 18 2010
Hi Wrestlingterp,

What I have seen here in the Wilmington area market is that you have to see how the home is priced.  For example, I just put a new listing townhome on the market today where there are a lot of competitors.  We just priced it lowest in the neighborhood.  We have no idea exactly what the bank will take, but it will have to be within 10% of where the bpo (broker price opinion) for the bank to approve.  Meaning short sales are good deals if you can be patient with the bank approval process, but a great deal is an opinion. Yet a 10% below market value after this 5+ year decline is a great deal to most.
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September 18 2010

The shadow inventory is very real.  In 2009 there were just over 1300 foreclosure actions initiated in the County Clerks office.  Today, there are well over 1400 and we still have Q4 to go.

Banks have become somewhat more pliable, but the FDIC guarantees, particularly with the now defunct Cooperative, Cape Fear and now Woodlands Inventory is preventing any sort of real deal making.

The difficulty I see is that while there is an ample supply of willing owner/occupant buyers of foreclosures, the availability of purchase and rehab money is difficult at best.  There are a couple of lenders offering
203-k loans, they are cumbersome and timeconsuming to obtain.

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September 27 2010
 
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