Classic has been tracking the foreclosures in our marketplace for well over a year now, and I know our agents have been getting calls/e-mails from people wanting to look for forecloses, so here are some facts.
If they find a “bank owned property on Realty track or another service:
The amount it says the bank bought it for is irrelevant! We find that it takes between 1- 4 months for those homes to finally enter the market and when they do they are listed a fair market value. That’s not to say if the property is in bad shape the price will not reflect it, the sales price usually reflects market price minus what it would cost for repairs. (still the home sells at current market value)
When you see a property listed on Realty track or other services:
Lots of the properties are listed due to a filings again the home, that does not mean they ever make it to foreclosure. Most don’t!! If they are eventually going to be foreclosed it can take as long as 18 months to complete the process, and then as much as 3 month before we see the property hit the market.
Looking for a GOOD deal:
The reality is most homes that are foreclosed wind up selling for what the fair market value is at the time of the sale. Looking specifically for foreclosed properties limits that consumer from finding even a better value in the area that is priced right but not foreclosed.
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