Walnut Creek Foreclosure Homes for sale do not take up a very large part of the local real estate market – slightly over 12% of the total market for bank-owned repo homes and about 17% for pre foreclosure or possible short sale homes.
Since Walnut Creek continues to be a desirable place to live, work, and raise a family, families may be more inclined to do what they can to save their homes from the bank.
In addition, a smaller percentage of Walnut Creek homes sold involved sub-prime financing and no downpayment loans that led to the financial crisis facing us now.
Still, foreclosures and short sales – however few – are much higher even in Walnut Creek than they have been in years.
And that spells opportunity for a savvy homebuyer or investor!
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Listing information deemed reliable but not guaranteed. Read full disclaimer.
(all data current as of
5/23/2012)
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Purchasing a foreclosure home or a short sale property is not as easy as it may sound!
Many people assume that the bank is willing to do anything it can to “get rid” of a home it has taken back in foreclosure.
This is not always true.
In fact, banks with properties in their REO inventory are often far less responsive than a typical home owner seller. With the recent glut of foreclosed homes to appear on the market, the bank’s repo department may be over worked and under staffed to deal with the large volume of homes that must be sold.
That is why bank foreclosed and repossessed homes are frequently listed on the local MLS just as a typical seller would do. Those are the homes you see above.
Not only that, but banks have never occupied the property and are not able or even obligated to determine property condition. The typical rules of disclosure simply do not apply to banks or corporate owners of foreclosed homes.
However, this does not put them out of the reach of a would be homeowner of investor looking to buy a home – even a Walnut Creek home – at a substantial discount to what they would normally have to pay for a similar home.
As long as you are willing to hire a home inspector to determine exactly what condition the home is in that you are buying and do a little clean up and some repairs, bank owned foreclosed homes can be a great way to get into a Walnut Creek home for cheap.
Today, many opportunistic buyers are turning their focus from Walnut Creek fixer uppers to Walnut Creek Foreclosure Home for sale.
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