Foreclosure resales accounted for 38.8 percent of August’s resales activity, down from 40.7 percent in July and down from 45.5 percent in August 2008. In February this year it peaked at 56.7 percent. Most of the relative decline is due to an increase in non-foreclosure resales.

“There’s still a lot of uncertainty out there about prices, interest rates and the availability of mortgage money. Additionally, we don’t know if this drop in foreclosure resales is temporary. We’re hearing from public agencies and the banking industry that there’s still a lot of financial distress in the pipeline,” said John Walsh, MDA DataQuick president.

Investors are back in the market which points to some price stablization, many are paying cash rather than invest in stock or gold. 

Watch for interest rates to rise as our government controls most of the money now, leaving little for the private market- it is inevitable. 

Banked owned properties can be tricky.  Please, do not be fooled by the agents that are advertising ridiculously low prices to get you in the door.  My experience has been different with every bank & listing office.  You need an agent that knows the market, especially now!

I have experience with foreclosures. Call me to find out where they are and how to present your offer so the final decision-maker, picks you! 

Most foreclosures require repair work.  I highly suggest you hire a licensed inspector to review the property and provide repair estimates.  Homes that are in move-in-ready-condition and in forclosure are rare and in BIG DEMAND.  Be prepared to pay more!

Simply, there is a lot to consider when buying a foreclosure and you need a professional like me!  Most importantly, YOU MUST BE READY AND ABLE TO MOVE FAST ON THE PROPERTY YOU WANT TO BUY-it requires a lot of preparation but it is worth it in the end (as in when you sell for a profit at a much later date).

HIRE A LICENSED, PROFESSIONAL, INSPECTOR!