What about foreclosures on Nantucket? In the first quarter of this year 13% of all sales were foreclosures – 8 foreclosure sales out of 62 transactions. Only one of these properties sold at foreclosure to a buyer. The rest sold back to the lenders who were the highest bidders which is typical here on Nantucket. Foreclosure sales on island during the first quarter ranged from $340,000 for a 2 Bedroom unit at Tristram’s Landing in Madaket to an estate property on 3 acres in Polpis that sold for $6 million. Buying a property at foreclosure sounds better than it usually is. It can be very complex, and the buyer often has to accept the property as it is with no opportunity for inspections, including the septic system. The buyer may even have to buy the property subject to federal, state or local tax liens. A buyer is also usually dealing with either an institutional or unwilling seller which can create challenging issues. Our advice, if you wish to pursue such a property, is to engage qualified professionals (among them a Buyer’s Agent and Attorney) to help represent you. Another option is to wait until a property sells back to the lender at foreclosure auction and then proceed to try to buy it directly from the lender through your Buyer’s Broker.