Nothing has generated more buyer interest the past few years than the words “foreclosure” and “short sale”.
Many perceive buying foreclosures and/or short sales as a way to purchase property at a very good price.
In some cases, this may very well be true.
Often times, REOs can be purchase for 40% to 50% of the previous sales price.
But I can tell for from first hand experience it is a very competitive marketplace.
And you need to know where to look and be realistic about the areas foreclosures can be found.
The table below shows 2009 sales in San Mateo, Belmont, San Carlos, Redwood City, Menlo Park, and Palo Alto broken down between REOs, short sales, and “normal” sales.
I have defined “distressed property” as being either a REO or a short sale.
The percentage of distressed property sales ranged from a low 1.97% in Palo Alto to a high of 33.61% in Redwood City.
The data above is for entire cities as a whole.
Within each city, there are areas where more distressed property can be located than in other areas.
Subsequent posts will drill down into this data to identify those specific neighborhoods where distressed property can be found.
These distressed properties offer first time buyers to buy a home at a very affordable price and offer investors the opportunity to buy and hold or fix and flip.
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