As I've written about before, a lot of people still ask me about buying foreclosures. Due to the media's coverage of real estate market and the sub-prime fallout, there is a belief that there are tons of foreclosure deals out there just waiting to be snapped up. But think again. The East Bay is just different.
Click here to visit a list of Countrywide's currently active foreclosures in California (and dig deeper to look at the whole country). There are over 4200 Countrywide foreclosures in the state as of February 12th. How many are in our neck of the woods?
Well, Oakland has 33 on the list, and your search pretty much begins and ends with that. There is one foreclosure in Berkeley, and none in Albany, Emeryville, El Cerrito and Piedmont.
That Oakland list does offer some deals for people who are willing to put a lot of work into the homes and a lot of patience. Most of the deals are in the $200k and $300k range, but there is one as low as $118,000 and one as high as $744,000. Buying foreclosures takes a lot of time because everything needs to pass through the bank's bureaucracies, and the purchases are "as-is."
I found it to be quite interesting and wanted to share it with you. So, peruse the list and let me know what you think. And, if you have any questions about foreclosures, please let me know. I am always happy to help. I can be reached at 510-547-5970 x57 or MSmartt@jps.net.
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