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Foreclosures 101

Posted by Geordie Romer on September 18, 2007

Foreclosures, short sales, and auctions seem to be on everyone’s mind as the media continue to squawk about the national real estate slump.
We don’t see a lot of foreclosures in Leavenworth and I don’t expect we will. Appreciation has been strong the past 3-4 years (giving home owners lots of equity). Additionally, we rarely see buyers who are using exotic loans like negative amortization or interest only. I see a lot more cash sales than I do buyers paying less than 20% down. The people I see in Leavenworth getting in trouble are those people who used their house as a piggy bank with HELOCs and multiple-refis.
Jason Schwieger, of Brio Realty wrote a great article about Investing in Foreclosures. This is required reading for anyone thinking of getting into the investing game. Allyson and I get lots of questions about this and I think Jason did a great job explaining how it works.



    If you’re planning to buy a home in this area, the best place to start is with the Leavenworth Home Buyer’s Guide.

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