Foreclosures are a tough market

In the past a buyer could find a good deal in the foreclosure market.  Today that has become increasingly difficult.  Many if not most of the foreclosures have no equity and are going to forclosure sale at prices above their market value.  Add to that the influx of dozens of new players in this market and it is all most impossible to find a good deal in the foreclosure market place. 

My advice to beginners is to find an agent and take advantage of the current buyers market using the MLS and leave the foreclosure market to the pros… 

It is a Buyers Market

Buyers should be able to take advantage of this market and make great deals.  The market in King & Snohomish Counties is flooded with homes and there are very few qualified buyers.  Buyers should follow the following process to find and buy the best deal.  Have you agent find out what the sellers equity is for each property your are interesed in buying.  This equity is the potential profit the seller has in the property at list price.

Be willing to make low offers on homes you would like to buy and see if the sellers is interested in making a deal.  If not go to the next property.  If the seller has owned the home for 5 years or longer and is tryiong to make over $150,000 in profits he or she should be willing to come down in this market to sell the property.   

There are several other key factors in this simple process.  Email me for more info if you are interested.  Or see my article posted on Biznik…

Your comments and questions are always welcome…