If you’re a real estate investor on the West coast, you’re sitting in a great position these days. Why? Because according to ForeclosureRadar, “third-party investors are reselling foreclosure properties they’ve scooped up at auction at a rapid pace in states along the country’s western seaboard,” including California, Arizona, Nevada, Washington, and Oregon. Here’s the best part – investors are moving distressed homes faster than banks are.
ForeclosureRadar tracks foreclosures and auction activity in the states listed above, and has seen one consistent statistic in all those states in May – a decrease in the amount of time investor’s need to sell properties purchased at foreclosure auctions. For example, in Arizona, investors were able to sell properties in 95 days, versus 150 days for banks. In California, it took just 134 days, versus 227 for banks. Similar numbers were seen in Nevada, Washington and Oregon.
The reason for this gap is that investors have “become better at turning a foreclosure into a marketable property that attracts buyer interest,” according to the CEO of ForeclosureRadar.
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