why so many Foreclosures?

2 Replies

Hi everybody!  I am full of questions.  Why so many foreclosures in our hot market?  I noticed some house are under contract in a matter of days and others are going into foreclosures.  Could a foreclosure be a good deal?   

I was looking at the Rogers market, as was suggested by colleagues here on BiggerPockets, and noticed there seems to be a lot of them!  Maybe it's normal?  

Diane 

Foreclosures can sometimes be the best deals. Banks want to get rid of them and most times just want what they can get cause they usually have many foreclosures sitting. In my market foreclosures are starting to dry up cause the area has bounced back since the recession. 

Thanks Nick!  I've checked out a few.  They are priced lower than the rest of the neighbor they are in, but require work and $ to make them rentable.  

My husband (the numbers guy) explained how people get into that situation.  That's part of what I didn't understand.  The psychology of real estate is very interesting to me!

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