Neal's Blog

A few months back I wrote at length about "Short Sales" versus "Foreclosures" with the basic idea for buyers being "Short Sales" BAD and Foreclosures GOOD. Meaning with foreclosures we knew who the decision maker/seller was, could expect an answer to an offer within a few days, have an escrow of 45 days or less,  and generally expect that the condition of the property wouldn't deteriorate much before closing. None of that can be assumed with "Short Sales". While "Short Sales" are still an aggravation to be sure, lately foreclosures have become much more troublesome than last year and certainly a far different animal than they were in the 1990's. All of the following is important for a buyer to understand before making an offer on a foreclosure: 1. The majority of all foreclosures are having multiple offers. Yes, in stark contrast to much of the overall Real Estate market, the foreclosure market is "hot".  Multiple offers is a turn off to many buyers and complicating