So, the intensity of the interest in the foreclosure market here is reaching a level that we definitely haven't seen before. I work pretty much exclusively with buyers, and even in what has been a slow year for our top producing team on the island, 9 out of our 11 buyers this year so far have bought foreclosed properties, with 4 others currently under contract for short sales and 2 more negotiating on foreclosures. On our team's listing side, we've closed on 3 foreclosures and 4 short sales this year, out of our 17 listing closings for sellers.
We continue to carry a high percentage of short sale properties listed for sale, reflecting our market. Bank-owned properties do not last long on the market - they are typically priced to sell, and they do.
One recommendation we have been making for the last two years is that our buyers who are buying foreclosed properties retain their own real estate legal counsel to look over their title work. Quite often, bank foreclosures are handled by an asset management company, and contract out their title work to various organizations, almost invariably out of our area. We have found it to be extremely valuable to our clients to have the title work reviewed by a local attorney, or one they are familiar with from their home area.
And, we were doing this for over a year before all this publicity on paperwork issues with foreclosures came into the media, and banks begin putting holds on their foreclosures.
It just makes good business sense to review the title for yourself when you are buying a foreclosure. And, although much of the data is public, it helps to have someone working for you who has easy access to the courthouse when they do run across a document that is not online.
Again, hats off to our local attorneys, who are doing a great job rising to the challenge of a closing process that has become even more complex!
Call or email me if you are thinking of buying into this market - we have great local resources at our fingertips for all the services you will need for a safe and successful closing on *any* property along our beautiful coast!