Here's one thing I've been noticing in this crazy REO Sacramento market. The Sacramento Bee just reported that bank-owned homes are the new gold rush of California and I agree. Unfortunately, in this gold rush, there is no room for emotions.

This is what typically happens: a house built in the last few years (after 2000) goes on the market. There is a lot of activity on it if it shows well, and in a matter of days, it has six - ten offers on it. Did anyone say this is a buyer's market. 

Eventually it sells for well over asking and probably to a cash buyer. So, either you have to be a buyer who is so love with the home that you pay way over asking, or you have to be an investor who writes offers without perhaps even going in to view the home. Problem with being the first kind of buyer is you lose your enthusiasm. 

This is not a buyer's market - it's an investor's market. Leave your emotions at home.