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The HEAT around the corner! or (where have all the repo's gone?)
I don't mean it's getting hot as in weather here in sunny California, what I mean is the amount of buyers around
the corner when another low priced foreclosure hits the market. It almost felt like I had a sticker on the back of
my car that read: "FOLLOW ME TO A LOW PRICED REPO!" What point am I trying to make you might ask? Well
contrary to media reports I am going to go ahead and say that in my local market buyers are buying up all the
repos like funnel cake! I mean we've got agents in my office writing offers on repos that I am writing offers on. I
spoke to a asset manager who stated they have been receiveing an average of 19 offers on every repo they list
in my local area! What many of the buyers fighting over these repos don't realize is that you can also find a
great investment on a regular sale home. Statistics show that 50% of my market is short pay sales and
foreclosures and the other 50% is regular sales. Unbelievable?? I think not! I actually had 2 clients under
contract on 2 regular sales in January, my ... more
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