Good News for Sellers - At Least For 30 - 90 days

Real Estate Agent with Seven Gables Real Estate BRE 01727426

Recent news has reported that many banks, including giant Bank of America will be stalling foreclosures, causing an expected potential delay of 30 - 90 days. (There is no way to know for sure)

You are currently selling a home, fewer bank owned homes on the market is good news for you.

According to RealtyTrac, bank-owned properties went for an average of 35% less than non-foreclosure sales. Foreclosures not only absorb buyers but also impact the appraisals of the homes that surround them.

Obviously, if there are less distressed properties coming to the market, there will be less downward pressure on pricing in the short term. The Washington Post, in an article last week, reported:

Stretching out the foreclosure process would reduce the number of houses dumped on the market over the next six months, which could help firm up housing prices in the short term and put some extra support under a sagging economy.

There may be a window of opportunity for a seller to maximize the price they receive for their home if they sell in the next 90 days.

If you are considering selling in the next year, sooner is better than later. Call us today.

Seven Gables Real Estate

License #01727426 (blog)

Direct: 714 276-7006

Fax: 714 917-2293


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Steve Davis
Davis Coastal Properties - Carlsbad, CA
Carlsbad CA

Like we can believe anything that Bank of America says from their PR people. I see the ads on TV about how great BofA is - makes me want to puk. Hopefully some non REO sellers will have a chance to close some deals in the next 30 to 90 days!

Oct 12, 2010 02:09 PM #1
William Feela
Realtor, Whispering Pines Realty 651-674-5999 No.

I have heard all the good and all the bad on this, and I am not confinced that the good outweighs the bad in the long term.  Only time will tell.   Theings were just settling down and now I have seen a new upheavel that has buyers and sellers all messed up again.

Oct 12, 2010 02:11 PM #2
Cynthia Fleming
Realty One Group - Laguna Beach, CA
Agent; Laguna Beach

With all of this news, several of my buyers are sitting back and now waiting. They think the market is going to continue to drop. I know one thing, interest rates will not stay this low forever and at least this is one good reason to buy now.  Wish I had a crystal ball on what will happen with pricing.

Oct 12, 2010 02:15 PM #3
Evelyn Johnston
Friends & Neighbors Real Estate - Elkhart, IN
The People You Know, Like and Trust!

Hey! I like the way you think Nancy! Now is the time to push our listings!

Oct 12, 2010 10:21 PM #4
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