Most buyers are looking for a bargain amoung the short sales and bank owned properties listed on the MLS. The problem with that is that the cats out of the bag now. That's where everyone else is looking for deals too and bargain hunters are bidding these homes in the most desirable areas up so that they arent really a bargain anymore.
One place thats often overlooked is in the narrow window of opportunity that occurs between the actual foreclosure auction (trustee sale) and the time that passes before the bank gets the property listed with a realtor on the MLS.
I recently helped a friend who was turned away by a traditional real estate agent. By working this window we got an offer in to the bank BEFORE it came on the market and was bid up by other bargain hunters. She saved $225,000 off of the pre-forecloure list price.
The deals ARE out there.... You just gotta know where to look.
Brett Jennings
Comments:
Thank you for posting this stratagey, Brett. I am a (hopeful) first time homebuyer in Ventura. I am looking for a decent home for my family within my rather small budget of $350-375.000. I am trying to do research by combing through the pre-foreclosure listings and finding homes with loans in the $500,000 range that are not too upside down. Then I check them out and follow them from NOD to trustee sale. I have come to the conclusion that the only way I stand a chance of buying a home is to beat out all the investors. I need to get an offer made to the bank before it turns the house over to a realtor & it hits MLS. But how do you get to see the inside of the property and get a home inspection before you submit a bid? What did you do in the example you mentioned above, with your friend? Any suggestions? Thanks
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