www.valleybreeze.com/Free/288741863142260.php -
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Published on: 4/25/2007
Last Visited: 4/28/2007
Duane Boucher, a broker with Boucher & Company real estate in Woonsocket, said the typical foreclosure property he sees needs work and is a multi-family home.Those properties coming on the market haven't had a big impact on his mainly single-family residential market, he said.
Investment buyers are the ones watching and waiting for foreclosure opportunities, ones they can purchase at discounts, fix up and possibly resell, he said.
"Investors are taking a wait and see," Boucher said."They are being a little more selective and patient, hoping for more opportunities," he said.
Single family home sales, with his agency, are not feeling much affect from the slew of properties being put on the foreclosure rolls, especially in the suburban towns his company serves.
"We don't see a big impact on North Smithfield, Lincoln and Cumberland," he said.
Woonsocket though, with its high number of multi-families, has some pricing impact, he said.
His agency has listed properties that are bank-owned though they don't have any bank-owned property they are currently listing.
"The banks haven't been overly aggressive at just dumping the property," he noted."They're not giving these houses away."
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