Posted by Tim Burrell - While the Triangle area has a much better real estate market than the rest of the United States, there has been an increase in foreclosures. For a while, we actually had a decrease in the number of foreclosures, but in the last few months they have gone up by 20%. Since the number of foreclosures was originally low, the 20% increase is not a huge number of additional foreclosures. However, it is a significant increase on a percentage basis.
I get the information on every property in Wake County where the foreclosure process is started. I also get the dale and place of all foreclosure sales. Some days, there are none, one or two. Other days there are over 20. For a county with such a big population, this is still not a large number of foreclosures. But, the trend is a definite increase.
I represent several banks and asset managers in the sale of properties that have been foreclosed and taken back by the bank. I started selling these types of properties in 1993, so I have a great deal of experience in this field. As a result, I have been selected as one of the best agents in this area to represent financial institutions in the sale of their Real Estate Owned (REO) by prestigious REObroker.com. If you look at www.REObroker.com and seach for a Realtor in Raleigh, Cary, Wake Forest, Holly Springs, Apex, Fuqua-Varina and other parts of this area, you will see the information about this part of my business.
Selling a foreclosed property is more difficult than a normal home, as the process is more complicated and involves more paperwork. However, it is a great improvement to the neighborhood when we get a new family into the home so that they can turn the blighted property into an asset to the neighborhood. I sold a foreclosure and a "short sale" property in the Glen Ridge Subdivision in Clayton. The homeowners association was so pleased that they invited me to the annual meeting and said some wonderful things about our efforts.
So, if you are looking for a foreclosure property to purchase, your Team has extensive experience in that field. If you are in charge of managing REO properties, we are certified as being among the best in this area to sell the property.
I hope the trend will reverse itself, so that the number of foreclosures decreases. In the interim, I will help to get them sold and improve the neighborhood.