Sounds like a really tight market. You may not find many foreclosures. There are still things like divorce and death and taxes where folks are forced to sell and even foreclosures. It just takes one good deal to earn a years salary at a regular job. There are a lot of foreclosures here in Austin but the prices remain high on most. I still look every day and make offers etc.
With a lot of looking you will get lucky and find a good deal and maybe you will have buyers bidding $50,000 over your asking price.
Thanks for the encouragement. I will definitely be on the lookout. My problem is that I don’t have too much time since I’m now paying rent, and want to get out of that situation asap. But i’m also very iffy about entering a bidding war, and winning at an ‘above retail’ price. I do a lot of buying and selling on ebay, and I rarely pay retail anymore … so it’s just difficult for me to stomach.
On the flip side, the way rates are over here…if it takes me a month to find a place, prices might have gone up a good 10k by then!
Sounds like you need to relocate to a better area. I just happen to live in the bankruptcy capital. I spoke to a realtor recently who said foreclosures make up about 65% of the properties they have listed for sale. This is Crye Leike’s best year to date. The last time I searched REOs there were over 1100 listed.
What are you talking about man I live in silver spring MD and it doesnt get too much hotter than that. I get the foreclosure lists every week for MC and PG Co. and there are tons. I dont know where you plan on moving to but if its in MD you can just go to the court house and get the listings to lots of foreclosures. If you want more info or help email me.