Short sales/pre-foreclosures on the rise?

Question

I read an article about a year ago predicting Bucks County PA to be one of the top counties for future foreclosures, at least in Pennsylvania. I've been waiting patiently since then.

I finally found a good off-market short sale in Bristol Township. It has gotten me eager for more. I usually focus on flips in Bucks, but this one is priced so low that it makes a lot of sense as a rental as well.

Anyone else experiencing a rise in short sales/foreclosures in your market? Which markets are you seeing those in.

I'm based in Philadelphia, but am always curious about other markets.

Minna Reid · Answer

I've been specializing in short sales/foreclosure avoidance for 14 years. I work two markets - Connecticut and Jacksonville, Florida. Florida is humming along just fine for now, but in the past few weeks since the foreclosure moratoriums ended I have had an uptick in inquiries from people in trouble in CT.  I think it's going to be very market specific. I do believe the states that locked down very hard are going to suffer the most. CT was one of those states -they have decimated the economy up there. FL not so much.

David Haynes · Answer

@Wayne Brooks Haha I'm poised to take advantage of that wave whether it's a tidal wave or ripple. We'll see.

I and my team have been through the process several times, so I'm aware of how painful it could be. Should be set to close within a month and a half. I'm most likely double closing on it.

Wayne Brooks · Answer

The whole “wave” of these coming has been over blown. And of course a “good off market short sale” means nothing until the lender approves a price. How far along in the short sale process are you?