More REO/Foreclosures coming?

We have been lucky in Beaufort to have only seen a small amount of foreclosures locally. Though I believe this will change here within the next few months; here's why. Our "selling season" typically runs from April/May to August/September time frame, which is typical for most areas since school's out and the convenience of a summer move is most logical. Our military folks typically transfer during those periods also; some coming in and some going out of the area.

What makes me believe the market for REO properties will increase is the amount of properties that didn't sell this past "selling season". I know of properties that were in short sale scenarios that didn't sell and are now vacant (a lot of that blame falls on the lenders not responding to offers in a timely manner) so the next step is usually foreclosure. Our MLS just recently added a method to search for short sales and most aren't updated yet, but I know of at least 25-30 short sale opportunities in the area that didn't sell. Not to say they won't, but if 50% don't that's 10-15 foreclosures coming into the market. I know that doesn't seem like a lot, but when we typically have 3-5, that's a huge increase. Sad thing is those numbers may last a while, SO it's actually the perfect storm if you are a buyer and/or an investor!

Here is a picture of one of my foreclsoures that is BRAND NEW! To see all of Beaufort Foreclosures and other conventional listings please visit the FORECLOSURE section of my website by clicking here to see properties that are updated bi-weekly. Beaufort Foreclosures

This home is 2800 SQFT, 4 bedroom, 3.5 baths, and a two car garage offered at 260k!!!