According to an article by Jonathan J. Cooper (07/20/2009), Associated Press; Ordinary folks shopping for homes in parts of the country with many foreclosures are discovering that it is difficult to purchase one.   Apparently Investors are bidding up the price thousands of dollars above the original asking price.Legislation intended to provide relief to homeowners has slowed the number of foreclosures which makes the problem more pronounced as it reduces the number of homes in the foreclosure inventory.  Cooper cited Las Vegas where the bidding wars are intense and home inventories are down 10% since March according to the local Board of Realtors.

When the bidding battle commences it is hard for traditional buyers to prevail because the Investors are normally cash buyers that can bid the property up with no concern about having to qualify for a conventi0nal loan.

Another great reason to work with a Real Estate professional to ensure you avoid being lured in to paying too much or wasting your time against cash fortified investors.  Contact a Sandpoint, Idaho Real Estate Professional to plan your homebuying strategy.