WOW it is 115 degrees out and Gary Drake and I have six escrows going. These escrows are some of the bank owned listings we have listed. At some of the prices we are seeing I can understand why. It is an interesting process to pre list these properties with the weather as hot as it is in the desert right now.
We are seeing a lot of first time buyers making offers on bank owned homes we have mostly with FHA loans. There is some word that the funding for FHA is starting to take up to 60 days yikes!. It is a blast working with REOS but tons of work and organization. After selling ocean front properties for years it is a adjustment working with the REOS but it is the sign of the times. We are blessed that we adjusted or business when we did and started the foot work to break into this tight net niche.
If you have buyers for bank owned properties don't be shy to make an offer. Many times it is less paper work and disclosures but buyer beware since the property is sold as is. Also learn about the listing agent as there are a few jewels out there if you know what I mean.
Over all the REO side is a great business providing great opportunitiesfor buyers and there agents! Many banks are offering concessions to the buyers and great compensation to brokers.
The Palm Springs area is cooking in more ways then just the temperature!
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