Sequim investors have been disappointed that there are not more real opportunities to purchase foreclosures at deep discounts. Everyone knows foreclosures are up nationwide, but there are several states with very high rates that push the national average way up and push this news to the frontpage.
“The highest rate, for the ninth month in a row, was in Nevada, which had 1 filing for every 185 households. Florida was No. 2, with 1 filing for every 253 households, followed by California with 1 for every 253 households. Other states with foreclosure rates in the Top 10 last month were Michigan, Arizona, Georgia, Ohio, Colorado, Texas and Indiana.” Providence Business News, Chart Couresy RealtyTrac, Inc.
We have not seen such high foreclosures in Washington State. Certainly, we will see more. While a foreclosure is sad news for the homeowner being foreclosed upon (because of a loss of a job, divorce, or some other major financial crisis), it does present opportunities for buyers with cash. During any kind of downturn in real estate, the old rule still applies: Cash is King!
If you do have funds to purchase foreclosures, please be aware of the traps for the unwary. If you haven’t been buying foreclosures for years (and even if you have), you would be well advised to get help from a professional who understands foreclosures and how to purchase them at the lowest possible price SAFELY. See help elsewhere on this site on buying foreclosures.
Last Updated on April 17, 2013 by Chuck Marunde