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Seriously, Could We Get Some Bank Owned Listings...Now!

Each day I look through the new listings and run several saved search updates for buyers I am working with, and it surprises me to see almost NOTHING is getting listed. Some of the REO listing agents that I pay attention to have nearly sold out of all of there listings. Most of the sales I am putting together now for my buyers are short sale listings because that is about all that are out there that are priced correctly.

For months we have been hearing about the 2ND WAVE OF FORECLOSURES that are coming. I look in the paper and see a lot of notices, but where are all the listings? Are people getting loan modifications? Did a lot of those foreclosures sell as short sales thus reducing the bank owned listings?

There are still a lot of good buyers looking for homes, but they need something worthwhile to purchase otherwise they will stay put. So if BANKS are withholding any listings its time to get what they can on the market...NOW! Seriously!

Chuck Carstensen - RE/MAX Associates Plus Inc. - 612-290-3809

Posted by Chuck Carstensen on 10/22/2009 08:57 AM

Comments (6)

bank owned homes, listings, foreclosures

Originally posted at: Isanti - Sherburne - Wright - Anoka County Minnesota Real Estate Blog: Seriously, Could We Get Some Bank Owned Listings...Now!

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6 Comments on Seriously, Could We Get Some Bank Owned Listings...Now!

OCT

I went to a seminar put on by Bank of America and they said no wave is coming.

Hey Chuck, I continue to hear the same thing but with very limited proof??? Short sale listsings have certainly grown compared to foreclosures. Are all the short sale listings part of the wave? At this point, we can hope for improved efficiency with loss mitigation departments to expedite the short sale process.

Jake

The second wave was supposed to be commercial I thought. I am hoping we don't have a second wave and let business get back to the way it should be done. Let people not worry about where they are going. Many people are gaining from this situation of foreclosures, bu tfor everyone that gains...another has a heart ach!

Thanks for the comments everyone. It will be interesting to see what happens over the winter.

OCT

I've noticed a huge "uptick" in Short Sales but the promised "second wave" of Foreclosures has not yet hit in our market.

OCT

Chuck - I too would like to know. I live on a street with about twelve houses on it... two are vacant and bank owned but just sitting there. Our portfolio has shrunk substantially but I do have a couple of things still coming before the end of the year. I have heard both sides of the coin, but have no proof either direction. Just wondering what's happening with the properties we still see in the papers - the sheer numbers certainly have not reduced.

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