Short sales, REO ( Bank owned properties ) and foreclosures seem to be the in vogue niches for real estate agents all over the country these days. It is a sad commentary on the state of real estate and our economy.
I understand that there is money to be made in foreclosures. Both by agents and investors. Heck, I even bought my own house pre-foreclosure when an opportunity of a lifetime appeared.
But I will come out and say it. Real estate is not for day traders. "Investors" looking for "get rich quick" schemes should realize that the same schemes can turn out to be "get poor quick" schemes just as easily.
I am not a Short Sale Specialist and I am not an expert in Foreclosures or REOs. (Though I have represented sellers in short sale situations multiple times over the years and have bought property in a short sale myself.)
My specialty is helping people buy or sell vacation homes in Leavenworth and Lake Wenatchee. Our market has stopped its explosive growth, but we have done much better in 2008 than much of the country. The homes that are likely to be short sales or foreclosures aren't likely to make great vacation homes. Great vacation homes in Leavenworth still sell at market prices to qualified buyers.
Houses that end up as foreclosures here in Leavenworth end up that way for a reason. Usually it is because the owner owes more than the home is worth - too many refinances, paid too much for it in the first place, or they let the house deteriorate. Sometimes all three!
If you are interested in foreclosures, I really recommend this article as a good place to start. I would also read the articles by Courtney Cooper that she is posting on Rain City Guide. If you still think that jumping into that shark infested pool is the direction that is right for you, then let's talk about how I might be able to help. For most buyers, it just doesn't make sense.
Click Here to get a list of current Leavenworth Foreclosures and Bank Owned Properties