The Star Tribune recently ran an article (Foreclosures become more than some bargain for) that outlined some of the problems with trying to buy foreclosed property.
In July 2007 alone there were 975 foreclosures in the 13-county Twin Cities metro area, up from 392 a year earlier, according to RealtyTrac. That flooding of the market is making it hard for the government to maintain its workload and respond to incoming offers on foreclosed property.
Reports have also shown that buyers have been contributing to the problem by making unrealistic offers on homes, furthering jamming the workload of existing workers.
Are you looking at buying foreclosed property? Contact an exclusive buyer agent to help you through the transaction.