Stay away from foreclosures!
Did I hear you right? Stay away from foreclosures? Are you on drugs? Yes, but that's beside the point.
I was talking to a first time home buyer in Traverse City recently that made a conscience effort to avoid buying a bank owned property. Why? He simply said "I got tired of being 3d in line and out bid by other buyers." It's true. The competition is fierce in some markets. Traverse City real estate is getting to that point where buyers are getting frustrated at what I call "the foreclosure cluster offer period whereby people get angry syndrome" or FCOPWPGAS. Yes FCOPWPGAS is new acronym that I am pushing out to see if it gets any traction. So what is the solution to FCOPWPGAS? This aforementioned buyer decided to buy a regular guy's house! Imagine that. A regular guy's house sells to an x-foreclosure buyer! Why? The "regular people" are pricing their homes to compete with the foreclosure properties in Traverse City. Yes, it happening, this is a good sign and it does make sense. Think about what's happening. Foreclosure homes tend to be in need of monumental TLC. TLC = mucho $$$. So if you have a choice to buy a "regular guy's" house that's priced great and needs no (major) work and a bank owned home that needs roof, windows, plumbing, carpet, doors, walls, appliances, kitchen.....need I say more? Again, add to the mix the bidding war for foreclosure homes...yes..."you may want to stay away from foreclosures " to avoid FCOPWPGAS.