Fierce Competition over Foreclosures

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Real Estate Agent with Murney Associates

Wow!! Over the past 3 weeks or so I have seen as many as 10 offers on a single foreclosure!  Seems some of the asset management companies are being very aggressive on the list price.  Offers exceeding that list price are not uncommon.  I am advising my clients that if they have an interest, don't delay in following thru on their plans as some homes are really in pretty decent condition.

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foreclosures
springfield missouri real estate
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Konnie Mac McCarthy
McLean, VA
Associate Broker - VA & MD
Yes, I just wrote a contract for a foreclosure that had 15 contracts.....so there are the cherry pickers out there that is for sure.
Mar 18, 2008 09:28 AM #1
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Kirk Westervelt
Van West Realty - Greenville, SC Realtor -Short Sale Expert! - Greenville, SC
Kirk Westervelt, Broker In Charge, Van West Realty - CDPE - Short Sale Agent - Home for Sale - Greenville, Simpsonvil...
I think people can get too caught up in the fever of making low ball offers and then they can lose the home to someone more serious about owning it, who put in a higher offer. Have you seen this happening in your area?
Mar 26, 2008 05:41 PM #2
Anonymous
Ron Coluccio-Springfield MO Real Estate
Absolutely I am seeing it.  The investors are having a field day as they have a secure line of credit or a straight cash offer often taking away a home from those that intend to be owner occupants.  With what seems to be an increase in FHA loans for buyers, they are generally at the bottom of the "considration" line.  I have however heard of an easing of FHA inspection requirements( and have witnessed such myself) in an effort to help out the prspective owners.  I don't if this is universal or  isolated incidents, if it is a short term policy change, I wonder if the asset managers are aware.
Mar 27, 2008 12:55 AM #3
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Ron Coluccio

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