May 21, 2010
Foreclosures in Walworth County WI – The Better Buy?
I recently had a past client call to ask me “How much does a bank normally negotiate off of a list price on a foreclosure?” I had a ready estimate, but I prefer to work with real numbers. It was interesting what I discovered!
The condo market in Walworth County has had a total of 62 closed sales as of the first of the year through the 20th of May. Out of those sales there were only 9 that were foreclosed properties. The average sales price was 11% off of the listing price. The secret must be out that distressed condos are the better buy because there are only 3 units currently listed in our MLS as available.
The single family homes go quickly (average 62 days on the market), but the closed sales price averages 97% of asking. There are currently 23 foreclosed single family homes listed in our MLS today, but only one of those offerings has an accepted offer. There have been a total of 35 
closed sales for 2010 of distressed homes. It equals about 14% of the total sales (253 to date).
What does the information mean to me as a buyer? Your best sales price might not be from a bank owned property. Be sure to educate yourself on what has sold in the area you have zeroed in on, weigh the options, and make an informed choice instead of racing blinding into a perceived “steal.”
Posted by: 
Stacey Schultz
Tagged With:
bank owned property,
condo market,
foreclosure,
foreclosures,
list price negotiation
and walworth county wi
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Travis Egan said,
May 22nd, 2010 at 06:10 PM
This is a great post Stacey. It is very enlightening. I assumed falsely that bank owned properties sold at a dramatically discounted price. As you know, the process of getting a loan for any home today is more challenging than in the past, but foreclosed properties bring many more complexities. Your keen insight is one of the many reasons you're one of the premier Realtors in Walworth County. Warmly, Travis Egan Lake Geneva Real Estate, Lender