The average wait time for the lender to respond to a offer is close to 4-6 months. Not to mention the closing ratio is for every 10 offers only 3 close due to a variety of reasons. While they can be great deals it requires a special buyer that has lots of patience. Foreclosures are still coming on the market with regularity however when a great deal hits the market you can expect to contend with multiple offers and a sale price at or above the list price. If you are in the foreclosure market you need to have your pre-approval letter in hand, make an offer the day the listing hits the market or soon after, and be prepared to offer at or above the list price with no contingencies.
The start of 2010 has been extremely strong with the average sold price increasing again for the 3rd month in a row. With mortgage rates still around 5% I feel like this trend will continue and come December we will see our first annual price increase in 5 years.
All signs point to 2010 being the turning point for the Outer Banks real estate market market.
About the author of this blog:
Matt Huband, SFR is Broker/Owner of Hometown Realty in Kitty Hawk, NC and a Certified Short Sale & Foreclosure Specialist.
Matt works with buyers and sellers from Corolla to Hatteras interested in foreclosures, short sales, 2nd home, investment property,
new construction, and condo sales. Put Matt's extensive area knowledge to work for you.
To learn more about Outer Banks real estate go to www.HometownOBX.com or email MattHuband@HometownOBX.com
Sign up to receive a FREE Foreclosure & Short Sale List