Buying a Foreclosure
Also known as - REO, Bank Owned home, Distressed property, etc.
Foreclosures make up 20+% of all sales in the Willamette Valley. There are also Short Sales that are still owned by the buyer, but must be sold for less than the buyer owes on the home and only about 30% of the Short Sale homes get sold. The rest become foreclosures and get sold by the lender through a local realtor.
Prior to the recession, foreclosure sales in the Willamette Valley ran in the high 100's each year. Last year saw a record total of 1,100 foreclosure sales in just the valley. 2010 we had 800 sales, in 2009 we haad 600 sales and 2008 only 200 sales. Last month, we had already seen 92 foreclosure sales in the valley. Are we on target for over 2,000 foreclosures in 2012? It looks like it is still a good market to be getting in on these distressed sales.
I have included some goverment websites to help you learn more about this type of home purchase. I'd be happy to answer any questions you may have.