Quote:
Originally Posted by Realtor 1
You might save yourself an additional 2-3% on a foreclosure. Perhaps more if there is work needed at the property but the idea that your going to buy a 400k home for 200k as you see in media throughout the states is pure bs.
Foreclosures are great for the value driven buyer. While selection is lower, that small savings is still a savings on the house that goes up for sale next door.
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Thanks for the running updates. Do you intentionally do every two months or just too busy? What happened to the other way of viewing the list? It was much more user friendly.
With respect to the savings on foreclosures, seems correct that you're not going to see too much of a difference - but we're talking about completely different markets. There were streets littered with foreclosures in the US. With 80 currently that's maybe 0.45 per community. So the comparison is poor.
If and when the number grows and they become a bigger amount of the listing inventory you might start to see bigger discounts. However, those would likely be somewhat matched by non-foreclosure listings until there's just too many which is when you'd see banks liquidating.
We're a LONG way from that though. Which doesn't mean it can't happen. By long I mean long with respect to the size of the inventory vs. time. Things can change fast.