Tuesday, February 3, 2009

Foreclosure Rates Continue to Rise

The number of foreclosures continue to increase in the Jacksonville area. Several different auctions are held at least once a month and these tend to clear out large numbers of homes in one afternoon.You can even buy foreclosures online! Lots of empty, foreclosed homes continue to sit in many neighborhoods creating eyesores and in some cases, a safety hazzard.

The upcoming bail out package has GOT to include some relief from this foreclosure nightmare! I think if they would lower the interest rates down to around 3.5%---we'd have buyers coming out of the woodwork! And why not? There are lots of good deals out there.

I've decided NOT to work with short sales for a while. The time involved and the disaster that often befalls the poor buyer, has made me rethink this market entirely. As my short sale listings expire, I refer them to another agent. I just don't think they're fair to the buyers OR the sellers. They often take so long, the house ends up in foreclosure before the buyer can get to closing. All because the lender took forever! When the lenders get their act together, I'm jumping right back in! Until then, I think I'll pass on short sales.

I like selling REO properties. These are homes that have already been foreclosed on and are bank owned. REO stands for "Real Estate Owned" by the bank. A buyer can make an offer, submit it to the listing agent, get an answer in 12 hours and you can close in 30 days or less!! The buyer can get a FANTASTIC deal on these foreclosures! The bank does NOT want to be in the real estate business! They just want the property and the headaches to GO AWAY. The low prices being accepted are amazing!

Call me today and I'll send you info on foreclosures in the Jacksonville area.

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