This “second wave” of foreclosures – combined with the fact that many
people’s 401(k)s have bounced back with the stock market, and most
economists agree that the bottom of the recession has hit – means that
competition for these foreclosed homes is going to be strong. There’s a
renewed, final dash to get in on what many people think are the best
real-estate deals they’ll get in awhile. This is evident of the multiple
offer situations that are occurring across our Peninsula Markets, including
Foster City. But how do you know which foreclosure is a good buy? I have
some ideals that can help you. (1)Work with a professional that knows market
values as you may have to offer over the list price to get the home; yes
multiple offers are back in several areas! (2) Get the property inspected if
possible before writing the offer; especially of you’re planning to get work
done to rent it out. That means travelling with your contractor to see the
properties to calculate fix-up costs right away. (3) Don’t go overboard.
Remember, Peninsula real estate values increase every ten years. Don’t start
the process thinking that you’ll pick up a foreclosure property for a song,
then flip it and make a killing. While there are several great deals out
there, real estate investment is still ‘long term’. It’s a great day in real
estate!
Best,
Debbie
Avg. Sales Price: $1,000,000
Avg. Days on Market: 84
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