Bidding War On Foreclosures

If you are considering buy a foreclosure in the Laurel, Maryland area, you might be in for a surprise.

I have written several post on foreclosures.  Foreclosures tend to be good, in that, as a buyer you do not have to wait more than a couple of days for a response from the bank.   Contrast this with the month or seven you have to wait for a response on a short sale and foreclosures look like a better deal.

However, most buyers have caught on to this as well.  The result is bidding wars on foreclosures.  Banks have fanned the flames by pricing the foreclosures at very competitive prices.  The last four different foreclosures I wrote on had multiple offers.  All of them sold for more than list price.

The savy Laurel real estate buyer needs to be aware of this significant development.



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