buying a bank owned or reo property: More Evidence Of The Bank-Owned, REO Mentality
- 01/03/09 10:17 AM
Home buyers today are of the "Bank-Owned/REO Mentality." They want to buy something with that kind of price tag, regardless of who owns it. I came across an article from CNNMoney that really hits home on what is going on in the current housing market. If you want to sell a home in this market, no matter how much it hurts, you need to price your home like a bank-owned or REO property. That is your competition. The tough part about this is that bank-owned or REO properties are priced 20-40% less than the non-REO or bank-owned properties. The first … (0 comments)
buying a bank owned or reo property: Bank's Incompetency = Buyer's Gain
- 11/06/08 08:18 AM
It is no wonder why so many banks are failing these days. They just do not seem to comprehend what is going on in the current real estate market. Here is a perfect example. This property just came on the market for sale in the Moonridge area of Big Bear. Listing price is $399,900, 3 bed, office, family room, & 2.5 baths. It needs roughly $15,000 to $25,000 in finishing details to complete it. The property is now bank owned. Another Bank Screw Up A little history on this property. I had it for sale from April to August of this … (7 comments)
buying a bank owned or reo property: Big Bear Bank Owned Buyers - Be Ready!
- 10/20/08 03:14 PM
Bank owned properties in Big Bear are continuing to come on the market for sale at a steady pace. Don't expect that to change anytime soon. In the month of September 2008, there were 41 properties that went back to the bank. And there have already been 10 so far this month. While a few of these properties are already on the market for sale, the majority of them are still "in the listing process" with the banks and should be on the market in the coming weeks/months. What do the banks do between the time they take the property back … (0 comments)
There are many factors to consider when buying a bank owned property. If you are thinking about a bank owned purchase, be sure to talk with your real estate agent and lender first. A bank owned purchase can be incredibly different than your everyday sale. Issues ranging from … (2 comments)
buying a bank owned or reo property: Bank Owned Properties - What Sellers Need To Learn From Them
- 10/08/08 07:07 AM
Originally posted at The Big Bear Skinny. Bank owned properties dominate the headlines in today's real estate world. Rightfully so, they are setting the pricing standards in most areas while comprising roughly 20%-70% of the current closed sales for many areas in our Nation. Here are a few recommendations for sellers that want to sell in this market and what they can learn from their bank owned competitors.
The key point here is that banks have to sell their properties. They are willing to take much less than the competition to get the sale done. If you do not … (1 comments)
buying a bank owned or reo property: Buying An REO or Bank Owned Property? Make Sure You Read The Fine Print.
- 06/24/08 11:59 AM
Originally posted at The Big Bear Skinny. Given the current real estate climate, bank owned or REO (real estate owned by banks) properties have become highly sought after by today's buyers. Whether or not they ultimately end up purchasing one, most buyers are starting off with this thought in mind. Naturally, these buyers are looking for a deal and most bank owned properties fit this category perfectly. It is not uncommon to see Big Bear REO properties selling from 75 to 90 cents on the dollar as compared to similar homes on the market. While buying a bank owned property can … (2 comments)
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