What most of us have heard of and the news has certainly reported over and over again is the fact that there are, and have been recently, a historical amount of foreclosures happening in this country.  That is not in question.  However, what we have not heard about is the great opportunity for buyers it is right now if you are in the market for a home.

When this issue first came to the public eye, banks and lending institutions were not very cooperative with those who were falling behind on their mortgages as well as with those who were trying to purchase a bank owned property.  It was understandable because the loans the banks held were also above the value of the now foreclosed properties.  It is their job to get the most they can to pay back the original loans.  Because of this, they were passing on many offers.  It seems that in the last few months both of these situations have changed.  Banks are now working with their clients more often than not to get the loans renegotiated as well as starting to release properties to buy even when the losses are greater than they had expected.  This means that everyone takes a hit or two and the biggest winners are the ones that pick up the bank owned property.  However, they also potentially end up paying more for closing costs than normal so you do need to be aware.