We list quite a few Elk Grove bank owned homes and if a recent listing is any indication of what is going to happen with them this year, everyone needs to hold on. 
We received a listing agreement from Bank of America on a Friday for this Elk Grove foreclosure....I had valued it at $235,000 to $245,000 on the BPO I completed for the bank depending on repairs that they might decide to do. The air conditioner was stolen, it needed carpet and interior paint. Well, the bank decided not to do any of this work and put it on the market at $214,900! By Monday morning, we had received 7 offers, sent them to the bank and the bank on Tuesday came back with a counter to all of them to bring their highest and best offer by Wednesday at 5:00. Well, by Wednesday at 5:00, we had received another 8 offers...all offers had their highest and best offer in at that time. So 15 offers in less than 1 week! And I was still receiving phone calls from agents wanting to submit offers...I had to tell them, sorry no more offers.
The interesting thing is that the offers ranged in price from $195,000 up to where the price should be....around $240,000. (I can't tell everyone the final price as we have not closed escrow!). Some of these were cash offers, some conventional and some FHA....oddly enough at least a couple of the cash offers were considerably over the list price. This is because the agents involved had run comparables on the property and knew we were under priced.
Our inventory in Elk Grove is down considerably from where we were a year ago. The Elk Grove bank owned inventory is currently only 10% of our market and so if these homes are priced correctly for the condition of the home, the homes are receiving multiple offers within the first few days.
If you are looking for a home in the Elk Grove area currently and are looking at bank owned homes, make sure that you and your agent are watching the new listings daily and then make sure that your agent runs comparables on any home you are interested in placing an offer on. On top of that, write a good clean offer with a preapproval from a local lender.
And to learn more about buying foreclosures or short sales in the Elk Grove real estate market, register for our upcoming Home Buyer Workshop on February 23rd!
If you are interested in finding out more about the Elk Grove real etate market, buying foreclosure properties or short sales or about financing investment properties, make sure to check out our website at www.FindaHomeinElkGrove.com.
More information on the Elk Grove, California real estate market
Comments(0)