Wow I recently sold another bank owned property for about 1/2 of what the previous owner paid for it. Both buyers realized what a great deal they got. What continues to amaze me though are all the other buyers who think they can purchase forclosed homes for 1/2 or even less than the currently low asking price. I'm not sure if they are watching too many info-mercials about buying homes for $300.00 or what but I can't tell you how many buyers I've spoken with recently who want to make $20,000 offers on $100,000 listed forclosures that actually have a value of $175,000! I even spoke to one buyer who wanted to make such an offer on a $500,000 forclosed home when I explained to them that even if by some weird fluke they did purchase the house how were they going to pay the $18,000 per year property taxes on their $29,000 income?
I'd like to say "stop wasting my time!" Don't you think, as a Broker in the business, if I knew you could actually get a $150,000 house for $20,000, I'd let a deal like that pass me by first? Most REO's already prohibit the listing agent from purchasing at the already low price because "SHOCK" its already a good deal!
Are we having fun yet?
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