looking at the market, a lot of people are suggesting that the foreclosures are only 30ish percent of what will be flooded within the market in the near future. with that said, people who CAN afford a home are in search of "deals" on foreclosure homes in hopes that in due time the prices will self-adjust to the expensive homes they once used to be, or just the simple fact that property generally over time appreciate vs everything else that depreciates (cars, toys, electronics)..


so, with that mumbo jumbo, who's in search of a house around the bay area and what websites do you use? i'm using zillow already...

 

with foreclosed homes your best bet is to get yourself a realator. tell them exactly what you want from the house, and they can call you when something comes up like what you want.
A lot of the foreclosed homes here in stockton, are sold within a day of coming onto the market once the bank finally gets them ready to sell. i dunno how it is over there, but the house i'm living in now, my dad paid $90 a sq ft 3 months ago. 3400sq ft house that sold for $650+ when it was new 4 years ago. there were 4 people bidding on the house, that was offered at 270K and he just happened to have better credit than others that outbid him, so he got it for 300K. they are advertising houses cheaper for what they are willing to actually sell them for here.

 

law looking for a house? my dad can help you out mandy

 

Drive around a bit in the area you like, also check the mortgage sites for current lists I know country wide has theirs up. Look on zip realty it's a great source. Also as stated above get a Realtor. You're going to want to jump on a deal if you find one. If you'd like suggestions for a Realtor PM me.

 

hah, u fitted a whole sentence between my first name

 

I've been using a realtor and he's been looking for me. On repos you have to jump on them fast. (same day you see the house will be the same day you make the bid) There are bidding wars now so be prepared to get outbidded.
Stay away from short sales. They take too long and most of the time don't go through. Good luck dude, seems like the cheaper things go the more people keep pushing prices up with their bids. :I

Oh also make sure you are pre approved or have an pre approval letter.
Most banks these days won't even give you the time of day if your fica score is under 720.