Foreclosure market a ‘feeding frenzy’ for flipping houses

So says Colorado Springs, Colo., real estate agent Shawn Jardine in a recent article from the Christian Science Monitor:

“It’s a feeding frenzy right now. On one property listed for $65,000, I had 15 offers. The best offer won at $20,000 over asking price.”

Wholesalers, which are basically investors with lots of money who can buy in bulk, are “snapping up” a healthy chunk of the best distressed property deals currently available on the market.

It’s common these days for wholesalers to swoop in and make all-cash offers, making it difficult for first-time homebuyers and other “small-time” investors to land their deals.

With the nationwide housing market riddled with bargains, and a volatile stock market, wholesalers are literally banking on the notion that the market will eventually rebound. Perhaps not to pre-collapse levels anytime soon, but nonetheless, it’s bound to happen.

When and where is still a huge question mark. In the meantime, opportunistic wholesalers have the ability to buy low now, renovate their homes (if necessary) and then hang onto them for however long it takes to rent or re-sell at later time for huge profits.

To beat wholeslaers, investors and other buyers to the punch, we always recommend that you consider our FREE email alerts. We send you the hottest deals in your area the moment they hit the market.

Timing is everything … now more than ever!

Foreclosed homes for sale in Colorado get gobbled up at REDC auction

Another city, more happy homeowners.

REDC — one of the nation’s most reputable and successful real estate auction companies — unloaded more than three dozen homes this weekend at a foreclosure auction in Golden, Colo., according to CBS4Denver.com.

All in a day’s work for the auctioneer, which is among the best at getting distressed homes off the market and occupied at a remarkable rate, selling more than 13,000 properties so far this year worth about $675 million.

Impressive to say the least … and we’re not even at the half-way point of 2010.

It’s an efficient process that gets families into homes, eliminates vacancies and takes a financial burden off banks.

So it’s not surprising that all parties — and communities — embrace REDC wherever and whenever it rolls into a new town, says company spokesperson Brad Fields:

“It’s taking a process that is traditionally a little slower and being able to very quickly get buyers into the property and revitalize those neighborhoods and create homes. It’s a little bit different of a process, but one that buyers shouldn’t be afraid of.”

REDC allows buyers and/or their representatives to place bids in-person or online. The process is safe, easy, and compliant with all legal regulations.

To check out the homes for sale at the upcoming foreclosure auctions, as well as to see when REDC will be coming to a city near you, click here.

Foreclosure backlog in Florida

South Florida, specifically Broward, Miami-Dade and Palm Beach counties, was hammered with a Category 5 foreclosure crisis when the bottom fell out of the real estate market a few years ago.

So many owners and investors lost their homes so fast, in fact, that banks and local court houses couldn’t keep up, creating a “backlog” of cases that essentially stopped the process in its tracks … cold.

It’s not uncommon to see entire blocks of homes vacant and/or abandoned, which are not even on the market because the foreclosure actions are incomplete or haven’t even begun.

This is known as “shadow” inventory.

The Palm Beach Post reports that there may now be some light at the end of a very long, dark tunnel. Courts are starting to make a “dent” in the cases that have literally been piling up for years.

But it’s not easy, says Judge Meenu Sasser:

“I am literally working night and day on these. I’m hopeful that by the end of 2010, a significant portion of the backlog will be cleared.”

All told, it’s estimated that more than 53,000 homes in Palm Beach County alone are still in the pipeline, waiting on foreclosure before entering the market as available for sale.

For those who can’t wait while these homes sit idle, feel free to search foreclosed homes for sale in Florida right here.

Ohio man ‘seals’ himself inside foreclosed home

Keith Sadler of Stony Ridge, Ohio, fell behind on his mortgage and wanted to get the attention of his lender before leaving his family home because of foreclosure.

Mission accomplished.

ToledoBlade.com reports that Sadler, with the help of the Toledo Foreclosure Defense League, “sealed” himself inside the home he “owned for 12 years and lived in for 20.”

And he intends to go down fighting until the bitter end.

Here’s a snip from the 53-year-old:

“Even though on paper and legally it’s no longer my house, I still consider this my home and I refuse to be kicked out by a greedy bank that is only interested in its bottom line… I decided this had to be done and whatever sacrifices have to be made will be made. I figured I’m leaving my house anyway. I might as well make it stand for something.”

Sadler fell behind on his payments shortly after leaving work because of a medical issue. He alleges that the lender, State Bank and Trust Co. of Defiance, promised to work out a deal; however, it never materialized and, instead, he received a letter in the mail saying he had to leave.

The home was purchased back by the lender at a foreclosure auction for $33,333 on Jan. 21, 2010. So, technically, the home is no longer his anymore, which makes a happy ending to this sordid tale all the less likely.

Local Sheriff Mark Wasylyshyn did not reveal when or how his department would remove Sadler from the home, saying that he had no intention of arresting him unless he “gives them trouble.”

Hopefully, cooler heads prevail when all is said and done. In the meantime, you can watch a live stream of Sadler’s resistance right here.

Nicolas Cage foreclosure house in Bel-Air, California, now featured on Foreclosure.com

Well that was fast!

Just two week’s after Nicolas Cage’s 11,817 sq. ft, six bedroom/nine bathroom home in Bel-Air, Calif., failed to sell at public auction, Foreclosure.com already has it featured in its nationwide database of more than 1.8 million distressed real estate listings.

To view the foreclosed home of Nicolas Cage, as well as photos of the million-dollar mansion, on Foreclosure.com click here.

It’s currently on the market for a cool $12.75 million. However, the mansion, which legendary crooners Dean Martin and Tom Jones once called home, was on the market for as much as $35 million not too long ago.

For more background on Cage’s financial meltdown and other run-ins with foreclosure click here.