Looking for a deal on a foreclosure?

Have you been looking for a deal on a house in the Medford Oregon area, and thinking that maybe buying a foreclosure is the way to go? Well, you are not alone.

Of the 59 houses that have been listed on the market that are owned by banks, 16 of them are already under contract. The average days on market for these houses was 9 days.

There are definitely buyers out there looking for deals, and many of them have been looking long enough that when they see one, they are prepared to make an offer on it.

What does prepared mean? They have their loan/financing information set and they have seen enough houses to know the deal when they see it.

One example was a house for sale in Ashland that was bank owned. The listing agent priced it very competitively at $209,000. Within the first couple of days, there were 3 offers in on it. Those buyers were told to have the best offer back into the bank by Monday. By Monday there were at least 3 more offers…including an all cash offer…and at least one offer for $15,000 over list price.

So if you are looking for a deal…my advice is to be prepared.