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Foreclosures ramping up in the first half of 2010

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This video with Zillow Chief Stan Humphries was mentioned in another series of comments but it is worth mentioning again. If you are interested in buying a foreclosure, there should be more properties on the market in the first half of 2010. The volume of foreclosures on the market will peak in 2010 and remain high thereafter. You may want to get things in order in the meantime (deciding how much money to have set aside for a down payment or cash purchase, getting pre-approved, finding an agent who has experience with foreclosure sales, understanding codes and occupancy permit requirements, etc.) so that you can move quickly once new inventory is put out onto the market. You may also want to look into your state's housing programs, some of which may provide additional assistance for a foreclosure purchase (money to help rehab it). It looks like the banks are finishing up with the paperwork on a bunch of properties that they were processing and are ready to put them on the market. This should give people more choices over property and price points, particularly if you think seller's asking prices are too high in your area.

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DebtsNMesses
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He said he expect the peak of foreclosures in 2010... he must not read our posts or look at our data.

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October 16

kanzus
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kanzus

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Here are some starter tips for buying a foreclosure (Bank Rate article).

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October 16

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Foreclosures ramping up in the first half of 2010

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Foreclosures ramping up in the first half of 2010

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Guide List of Closing Costs and Fees

Guide About First-Time Home Buyer Tax Credit

Guide You've Opened Escrow

Guide Picking the Best Comps

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