And it’s not just because of the desert heat, according to the Wall Street Journal:
“Bargain hunters here and in many other metropolitan areas are up against a paradox. By far the biggest wave of foreclosures since the Great Depression was expected to be a bonanza for anyone with cash or the ability to get a loan. But prospective home buyers say it is increasingly difficult to find foreclosed homes at attractive prices in desirable neighborhoods. Supply is shrinking largely because of federal and state efforts to help millions of distressed homeowners avert foreclosure, which have delayed many likely foreclosures, keeping the homes off the market for now. The bargain chase is even tougher for those buying with a loan. Investors with cash have an advantage in that their offers aren’t conditional on obtaining a loan so banks often prefer selling to them than taking the risk that another offer will fall through. They are also often quick to react when bargains appear.”
We’ve said it before and we’ll say it again — the best deals often get cherry-picked as soon as they hit the market by savvy investors and/or dedicated house hunters.
Yes, there is more distressed inventory from which to choose these days, but just because a property is classified as a “foreclosure” or “short sale” doesn’t mean it’s bonafide beauty right off the bat.
Finding the best home deals in your area, and then having the ability to move in on them faster than anyone else, often takes a little bit of homework, preparation, persistence and luck.
A great way to get started is to sign up for our FREE daily foreclosure e-mail alerts. We conveniently deliver all the best deals, depending on the property type(s) and zip code(s) that you select, directly to your inbox.
Of course, you can also search foreclosures in Las Vegas and beyond right now with the limited-time blog reader special discount on our FREE 7-Day Trial.
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