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Realtor offers tour of foreclosed homes

Prospective homebuyers have opportunity to be bused around homes recently put on the market

Posted: April 16, 2009 9:34 p.m.
Updated: April 17, 2009 4:55 a.m.
 
Prospective home-buyers will get a chance to tour local bank-foreclosed homes for sale Saturday.

“Whether you actually find the right home on the tour or not, you will still learn about the ins and outs, and the do’s and don’ts, of buying a bank-owned home while visiting actual homes at the same time,” said Craig Volding of RE/MAX of Santa Clarita, which is sponsoring the tour.

Volding said some banks have recently changed their method of marketing foreclosed homes.

Previously they would set the asking price higher than the home’s current market value, then adjust the price downward until a buyer could be found, he said.

More frequently now days, Volding said, the banks set asking prices 3 percent to 5 percent below fair-market values and are able to sell the homes immediately, accepting the highest bid from multiple bidders.

“More and more banks are using this strategy because the homes sell close to market value, and the homes sell very quickly,” he said.

“Unfortunately for buyers, they must make very fast decisions and be prepared to place their best offers up front,” Volding said.

Buying a home under these conditions can be “a very stressful process, to be sure,” he added.

Those interested in the tour may find details and sign up at www.scvrealestate.com.

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