In Sacramento County one in four foreclosure sales went to investors during the 2009 year.
Prices have come down enough so that rental properties purchased with cash can yield a 5 to 9 percent return, much better than the stock market. This return does not include home appreciation.
Price point homes go pending quickly, usually in 5 to 10 days.
Nine out of ten foreclosures priced under 200 thousand sell for over asking price with multiple offers.
Multiple offers are the norm with banks instructing buyers to bring their highest and best- no time for countering back and forth.
I have been up against 20 other cash offers on well priced foreclosures.
One HUD foreclosure priced at 53 thousand accepted an offer for 136 thousand. This is on 10th ave in Tahoe park! No joke, see this listing here……….. http://prospector.metrolist.net/scripts/mgrqispi.dll?APPNAME=Metrolist&PRGNAME=MLSLogin&ARGUMENT=Ok7KmNi58nbInAxeCH8GTewqhdlV8u%2BS18SoY4VDiZQ%3D&KeyRid=1&Include_Search_Criteria=
First time buyers that need financing for their purchase are forced to offer more than the cash buyers for their offer to be accepted.
