Banks Eager to Deal on Foreclosures: Time to dive in the market-

Banks Eager to Deal on Foreclosures:  Time to dive in the market-

wessiut.jpgWhen clients call and ask me is it time to jump in the market; its time for me to start quoting the great Warren Buffet. “Buy when everyone is selling; and sell when everyone is buying.”

Buyers are finding bargains as banks begin to liquidate their inventory of foreclosed homes. In November of 2007 alone, 446 foreclosed homes were sold in the nine-county Bay Area. Totaling 11% of all the resale homes sold that month. In the East Bay, our numbers of foreclosed homes sold in November was 229, representing 16% of resale’s in the area.

 

So the bright spot in housing at this time in the Bay Area is the unfortunate loss of someones home to foreclosure is your gain as a buyer.  Bank owned property inventory is at all time highs forcing lenders to liquidate inventory. If you are a buyer who would like to receive a list of foreclosed properties in the bay area and get pre-approved to buy a foreclosed property my advice is to call today and follow the Oracle from Omaha.

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