10 Cities Where You Can Get Unbelievable Deals On Short Sales

homes

Pre-foreclosure sales (short sales) were up 25 per cent in the first quarter from a year ago, according to the latest data from RealtyTrac.

Homebuyers bought a total of 109,521 pre-foreclosure homes during the period. And these homes sold for an average of $175,461.

The appeal of short sales is that they sell at steep discount to homes that are not in any stage of foreclosure.

We drew on RealtyTrac’s report to identify 10 metro areas where homebuyers got the biggest discounts on pre-foreclosure homes.

Note: Pre-foreclosure homes refer to homes that are in default or scheduled for auction. The data is for metro areas with at least 100 pre-foreclosure sales (short sales) during the first quarter.

Boulder, Colorado

Average discount:
35.62%

Average pre-foreclosure sales price:
$249,094

Short sales:
116 units

Source: RealtyTrac

Boston-Cambridge-Quincy, Massachusetts-New Hampshire

Average discount:
37.51%

Average pre-foreclosure sales price:
$231,093

Short sales:
822 units

Source: RealtyTrac

San Jose-Sunnyvale-Santa Clara, California

Average discount:
38.08%

Average pre-foreclosure sales price:
$381,273

Short sales:
1,300 units

Source: RealtyTrac

Cape Coral-Fort Myers, Florida

Average discount:
38.58%

Average pre-foreclosure sales price:
$99,102

Short sales:
952 units

Source: RealtyTrac

San Francisco-Oakland-Fremont, California

Average discount:
40.58%

Average pre-foreclosure sales price:
$321,151

Short sales:
3,398 units

Source: RealtyTrac

Springfield, Ohio

Average discount:
41.52%

Average pre-foreclosure sales price:
$108,468

Short sales:
144 units

Source: RealtyTrac

Omaha-Council Bluffs, Nebraska-Iowa

Average discount:
42.60%

Average pre-foreclosure sales price:
$89,066

Short sales:
113 units

Source: RealtyTrac

Milwaukee-Waukesha-West Allis, Wisconsin

Average discount:
43.52%

Average pre-foreclosure sales price:
$101,653

Short sales:
438 units

Source: RealtyTrac

Memphis, Tennessee

Average discount:
43.65%

Average pre-foreclosure sales price:
$69,101

Short sales:
160 units

Source: RealtyTrac

Sebastian-Vero Beach, Florida

Average discount:
51.39%

Average pre-foreclosure sales price:
$82,537

Short sales:
125 units

Source: RealtyTrac

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