I am sure that many of you realize that the number of foreclosed properties being listed on MLS (at least here in Massachusetts) is getting larger by the day. Historically, the ‘foreclosure’ opportunity was automatically associated with the good, old-fashioned auction process … a process that, quite honestly, was and still is foreign to most real estate consumers. The lure of buying a property at foreclosure has always been great, and now, the list of available foreclosures (most of them) is as easy as clicking on your local MLS property search engine. For my clients, it’s as easy as clicking on the Property Search tab of my blog.

Many lenders facing the foreclosure process are embracing the power and accessibility of the MLS system and the network of agents available to them, widening the marketability of their property to mainstream crowds. This means that you, yes … YOU have access to these properties, and unlike ‘typical’ foreclosures, you have the ability of viewing the property prior to making and offer and taking advantage of the expertise and guidance of your trusted real estate buyer agent. I sure hope you’re using a buyers agent!!

Over the last 9 months or so, I have shown a foreclosed property at least once a week to my clients. It is amazing to see such an historically stable part of the country such as Massachusetts suffer from so many foreclosures. It is unfortunate to see so many people lose their homes, but we must not stand at the sidelines as these properties FINALLY create an opportunity for people who have been priced-out of the market for so many years, or have been unable to buy something at a decent price. As of the writing of this post, I am negotiating two separate foreclosure deals for my two of my buyer clients, and the real estate agents representing these lenders, frustrated as can be, can be very ‘edgy’ when dealing with buyers who are looking to place unrealistically low offers. I personally have no problems with low offers, especially when it comes to foreclosures. You really don’t know how low of a price they’re willing to accept. If you’re out there looking to get the best deal possible, starting low is a good thing. BUT, don’t forget one thing … if the property you’re interested in looks like a really good buy, then you’ll need to carefully discuss and craft your offer to compete with other possible buyers looking at the same property.

I’ll leave you with one thought. Under the good, old laws of economics, a ‘good’ property, whether under foreclosure or not, will sell at proper market value . Don’t lose sight of this. Happy foreclosure hunting!

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