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Clovis Foreclosures — Why They’re Selling So Fast
August 12th, 2009
Clovis Foreclosures — Why They’re Selling So Fast
Update on the Clovis, CA Foreclosure Marketplace
If you’re in the market for a new Clovis home and you’re considering buying a foreclosure, you’ll want to read the rest of this article. We detail an actual client’s recent experience attempting to buy their dream home — a Clovis foreclosure — and then explain how not to let this happen to you.How many foreclosures do you think there are for sale in Clovis? 200? 100? Try 34. If you include short sales (pre-foreclosures) there’s another 58 Clovis homes for sale. In other words, 11% of the Clovis homes for sale are foreclosures (nearly 19% are short sales). That’s good news if you’re in the market to buy a home. Unfortunately, everyone seems to be looking for the same things these days: a bargain Clovis home.
A True Story
Here’s a true story that you can pretty much apply to the 34 Clovis foreclosures and any future foreclosures that will come on the market in the next few months. Each one easily will be sold and any many Clovis buyers are going to face this same scenario…
This past week, we showed clients a bargain Clovis home. It had everything they wanted, 5 bedrooms, 3 full baths, plenty of living space (3000+ sq. ft.) and to top it off, it had a beautiful pool with a large lot, located in a great neighborhood. We rushed them over to see the home and they instantly fell in love with it and wanted to make an offer. We went over the numbers and then advised them that most Clovis foreclosures are selling between 100-105% of the asking price so if they wanted the home they would need to make a strong offer. Which they did. The offered $3,000 above the asking price. 5 days later we received word from the bank they sold the home to an even higher bidder.
This wasn’t a one-time occurrence. These same clients found another home they liked equally as well and they went through the same scenario. They made a very competitive offer only to find out the next day the home sold to someone who bid even higher. Again.
What’s the moral of this story? If you’re looking to buy a Clovis foreclosure know this: you need to act fast (see the home ASAP and make an offer the same day) and offer ABOVE the asking price. Gone are the days where you can low-ball the bank. In fact, most well-priced foreclosures will have between 5, 10, and sometimes up to 30 offers! Why? Foreclosures are priced 20-30% below market value and there’s a steady pool of buyers and investors looking for Clovis homes in the $175,000 -$325,000 price range.
Happily Ever After?
So what happened to our clients who didn’t get either home? They’re still looking. We’ll will keep looking until we find them a home, but I know they’re disappointed they didn’t get the first two. But they’ve learned a valuable lesson. The market has changed. If you want to buy a Clovis foreclosure you’re going to have to compete with a number of other buyers who want the same thing.
Summary. We’ll help you find the Clovis home that’s right for you, but if you’re thinking about buying a bargain-priced home, be prepared to face still competition. Overall the prices of Clovis homes may be down from 2006, but there’s no shortage of house hunters in the Clovis marketplace. And they want what everyone wants: a bargain-priced Clovis home.
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