Profile picture for grokster

Where are all these foreclosures I keep hearing about?

I've been looking for a house for several months and it's 10-1 Short Sales versus "normal" (Bank Owned or For Sale by Owner) comes up it seems to be under offer the same day.
What is going on??
I expected I would get a great deal on a house, and also help out our economy - but I am having a hard time even finding a house to buy!
What is going on??
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February 01 2012 - Castle Rock
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Answers (14)

As mentioned in other responses, inventory will vary per market area.
Also, the banks have had a great deal of their inventory on hold for more than a year. In the past year, the foreclosed properties being released for sale has dwindled to a mere trickle. The banks have been telling agents that they are coming for the past year. Now, the banks are trying to prepare agents for the sudden influx of inventory. With that said, I believe you will see more bank owned properties for sale soon. Your best bet is to set yourself up with a buyers agent that has real knowledge of bank owned properties and how the process works. My team often deals with agents that have no clue how to help their buyers acheive the goal of making it to the closing table. Good luck to you!
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April 12 2012
Hi Grokster - Five states account for fifty percent of the foreclosures - NJ, California, Nevada, AZ and Florida.  If you want a foreclosure - the odds are much better in those states. But, I think you want a great deal, not necessarily a foreclosure, right? So, find an agent you connect with and talk about your price point. I can run a Sold Property Analysis for clients so you can see what the ratio between List price and Sold price is. For instance - in Boulder County and parts of Denver, this is much closer to 97/98% of list versus the Fifteen to twenty percent discounts you hear a brother's cousin's best friend got over in the next county.
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April 12 2012
Profile picture for SteadyState
Many foreclosures get auctioned and insiders/investors/agents have access to them individual home buyers; this is typical for all professions - brokers get IPOs, salespeople at Macy's get first shots at discounted merchandise, etc.
 
Others will come and go.
Why hurry when the market is going no where and homes are being bought because of absurd interest rates (look up asset bubble)? More foreclosures will come as the cost of borrowing money goes to normal acceptable rates - 8% interest rate and 33% down.

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April 10 2012
As mentioned several times, the market is very local, even within metro areas. Homes in great condition tend to go under contract quickly and here in Metro Denver, many times with multiple offers exceeding the listed price.

That said, there are some great deals with properties that need some work and financing to facilitate the renovations. Select a few locations you're attracted to and look at ALL of the properties up to your qualification limit. Visualize what could be rather than what is.  
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April 09 2012
Profile picture for Dunes ..
A person can always (has the option to) check the Fed Gov Sites & Bank Sites created for the Public to use (For Free) to view and find Information about the Properties they have Listed for Sale..Nationally and Locally
Sites Like..Bank of America...Wells Fargo

Links to Bank sites here...Link and/or Here

The Fed Gov has Sites for its Properties for sale
HUD Homes...Fannie Mae
You can find the links to all the Gov sites here...Link
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April 04 2012
The foreclosures you keep hearing about are on the news - the national news, not the local news. If you want to know about the local market in Castle Rock and Castle Pines, get a Buyer Agent.  Sounds like you have been chasing "the deal" for a while and not finding it. In Colorado Buyer Agent Fees are paid by the Seller.  Your Buyer Agent knows pricing and where to find the deals. 
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April 04 2012
Profile picture for grokster
Hey everyone, I've since noticed that a lot of Forclosed HomePath houses are not showing up in my search as they do not have a price.

They are listed as Foreclosure: Price Unknown

I'm finding them at HomePath.com with a price listed. 
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February 02 2012
In my market banks are doing everything to do short sale and not take the home by foreclosure. I assume this is because attorneys are involved in foreclosure and they are costly!
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February 01 2012
As others have indicated, markets are highly localized.  For the communities we cover in the Boulder and north Denver metro areas, the following chart will give you a sense of how many bank sales (post-forclosure sales) there are as a percent of the total.  Over the past few years, these numbers have varied from less than 1/2 percent for Louisville to 40-60% for communities on the east side of I25.

[link deleted by Zillow moderator]

Speed of sale is similarly local, but it isn't unusual to see a significant number of properties go under contract quickly.  As you'll see if you check out the charts on the page I'll link to below, 20% to 40% of the houses that sell in our markets (some don't) go under contract within 2 weeks of hitting the market...while 5% to 15% go under contract within 5 days.

[website deleted by Zillow moderator. Please see our Good Neighbor Policy]
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February 01 2012
It has been a sellers market for almost a full year in the Castle Rock area. Inventory levels are at very low levels. Since there are may more Buyers than sellers, the good "deals" don't last long.  In January I saw several houses get listed and go under contract in the first day.

If you want to go after those types of deal structures, you will need to be checking the MLS listings on a daily basis and/or get set up with e-mal alerts.
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February 01 2012
Really depends on where you are.....real estate is local. There are stronger markets, like Raleigh/Cary than markets like Las Vegas. The previous advice given is sound. Here is a recent article about ten markets poised to outperform.
http://lowes.inman.com/newsletter/2012/02/01/news/175578 
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February 01 2012
Profile picture for B Mike West
Inventory levels in many parts of the country are very low.  Well priced homes in good condition go quickly.  Most regular sellers are not about to put thier home on the market at what they consider a "give away" price, so they are hanging in there.  As hpvanc says, "it takes perseverance."

Make SURE that you are pre-approved for a loan, not just pre-qualified.  That means giving your loan consultant all of the documents that they require to MAKE SURE the lender will approve a loan for you.  Lenders are loosening up a little on their guidelines, but they still want a FICO over 700 and 20% down.  Banks in Bank Owned Homes and prudent sellers are demanding to know that you qualify before they will give your offer serious consideration.

You have to be  in a position that when you find THE HOME, you can pounce on it before all of the other QUALIFIED buyer do.  
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February 01 2012
Profile picture for hpvanc
It takes perseverance.  If your area is anything like it was here when I was looking, a correctly priced normal sale or bank owned will go under contract within a week.  The inventory levels are misleading, many, many properties for sale at prices that can't be achieved, that have been listed off and on for years now, but very few serious sellers for current market prices.  The banks were quite often listing well above current market value and dropping them slowly until sell.
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February 01 2012
Here in the Phoenix area, our inventory of homes is way low, there are only 15,000 active listings in a county of over 6 million people, not much there. Are we going to get more foreclosures? In reality, I don't know, but I know that it is frustrating for buyers right now. I tell my clients that if they really want a house, they should put in a full price offer as long as it comps out. With the prices and interest rates, it is a great time to buy, I just wish we had more inventory. Good luck.
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February 01 2012
 
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