Members: 113,853 - 1,528 Online Now  Login
 

Here is what I've seen happen....

6 months ago -- House A a Bank Owned (REO) property was priced at $400,000.  It sat on the market for 6 months, and someone finally made an offer -- of $350,000.  The banks quickly within 48 hours accepted the offer.

TODAY!  Sale house - sale value house- now instead of pricing house A at $400,000 -- the bank will price it under market -- so they price it at $350,000-- they have 10 - 25 offers within the first 48 hours -- the Accepted offer is WELL over asking -- close to $375,000-- $400,000 -- and the bank had zero holding days. It is taking almost a week to get an answer from the bank.

So if you're wanting to buy an REO property - plan on a "Buyer's Market" frenzy.

Will we start to see a slight rise in prices, probably --- REO's may start to push up the price instead of pulling it down.

 

PS _- if you are looking to buy a home in Tracy or Mountain House, find yourself a great REALTOR who knows the market.  The great homes are selling before a sign goes in the yard.

 

 
This post has been included in California Information San Joaquin County, CA Information Tracy, CA Information
Post is included in group: Almost Anything Goes
Post is included in group: California Short Sales, REO's, and Foreclosures
Post is included in group: Short Sales Specialists
Post is included in group: Dedicated Bloggers
Post is included in group: The Ninety-ninth Percentile

3 Comments on The "BANKS" aren't waiting any longer

Susan:  This appears to be a pretty good sign that perhaps a "crack" is developing in the market downturn.  Let's cross our fingers and light a candle or two.  Thanks for sharing.

05/05/2008 01:35 AM by Fort Worth Real Estate - - - Karen Anne Stone (RE/MAX Trinity)

Interesting way to market by a bank.  They usually are more shortsighted then that.

05/06/2008 08:53 AM by Gene Allen Realtor Hampton Roads Real Estate (Resh Realty Group)

Susan - This would be a great example to show potential sellers who are thinking of listing their homes as well.  

05/16/2008 10:23 PM by Jessica Bigger~Eureka CA Historic & Luxury Homes (Ming Tree GMAC Real Estate)

Leave a response…

Name:
Notify me of new comments:
Comment:
What does the graphic say?
 
Real Estate Agent: Susan Goulding; Tracy, CA Real Estate - Local Realtor in Tracy, CA & Mt. House (Keller Williams Real Estate; Tracy & Mountain House, CA)
Susan Goulding; Tracy, CA Real Estate - Local Realtor in Tracy, CA & Mt. House
Tracy, CA
More about me…
Keller Williams Real Estate; Tracy & Mountain House, CA

Office Phone: (209) 914-5573
Cell Phone: (209) 914-5573
Email Me

As a local Realtor and community volunteer I always have a lot to say. This is the perfect place to say it. I hope this is a place you will return to day after day to read what I wrote and to comment. Have fun. Check out my web site at www.SusanGoulding.com Subscribe with Bloglines


Links

Archives

RSS 2.0 Feed for this blog
ATOM 1.0 Feed for this blog

Find CA real estate agents and Tracy real estate here on ActiveRain.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
© 2007 ActiveRain Corp. All Rights Reserved