Despite what you might be hearing from the mainstream media, the Real Estate market is not all doom and gloom in Silicon Valley! This past weekend was an eye opener for our team when we hosted an Open House for our Bank-Owned (REO) foreclosed Condo in the Cahill Park development of San Jose! This development offers a unique opportunity for owners to commute to work using LightRail and CalTrans. In fact, most employers in Silicon Valley such as Cisco, eBay, PayPal...etc have employees living in this development since they offer FREE shuttles from Train Station to their campuses.
We were pleasantly surprised to identify 5 buyers seriously interested in the property that attended the Open House. This unique opportunity has come about because of close team work between us our Asset Managers at REOTrans.com who listened to our price recommendations and agreed to a strategic listing price! One of them called on Monday and offered to purchase the condo for a cash offer!
Bottom line is that if the REO asset is priced strategically, there are interested buyers out here for these properties. Only if our lending friends would start introducing the "right" programs for these buyers which is a topic of another blog I need to write on our lender friends.
Finally, my call to arms is that since the media will continue to report on horror stories of the Real Estate market, it's up to ALL of US in the REO trenches to report the good news. Drop me a note if you are having success in selling REOs. I would love to hear how you are handling objections and fears of "additional" price drops. I have come up with some creative way to help buyers deal with these anxieties and I will be happy to share them with you.
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