The Bank Owned Property Rodeo

Last Friday night I met a client to see two bank owned properties here in Sacramento. I have already experienced the climate at which some of these properties are running and there is one word to desribe it....HOT!  As we pulled up to the second property, I could see there were cars driving by, perhaps other clients meeting their Realtor. As we approached the door, there was another group inside, one that was waiting their turn outside, one waiting in their car and one waiting after we were finished! It felt like the place was being swarmed! I wrote an offer for my client and have learned this morning that three other offers have come in for this property over the weekend. Both my client and I are anxious to find out if our offer is what it is going to take to get this property. It is crazy out there with these bank owned properties and competing with multiple offers. The chart below substantiates what I am saying here...there are more and more pending sales and closed transactions and the inventory is decreasing. This means that NOW IS THE TIME!! Giddy up and start ridin' to get in on these deals the banks are making! If you or someone you know is interested in joining this rodeo of a market...I am happy to help and welcome your calls or comments! This data is for all of Sacramento County and covers REO properties under $300,000. The trend is over the past 15 months.

Have a great Monday!

Sara Raudelunas

Lyon Real Estate