You can only stall your buyers for so long by telling them that the next wave of foreclosures in coming.. Buyers are so ready and waiting for that wave, but it now appears that the next wave has become a slow trickle that will last throughout the first quarter of 2010. So many of my buyers are just waiting for that great property to come along so they can be one of the 25 offers competing for that REO listing! But buyers are persistent and know the market now, they are much more informed than they used to be. The properties are out there and waiting to be sold. We will be there... offers in hand!
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TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247
From what I am hearing there will not be a second wave you are correct it will be a trickle.
Oct 31, 2009 05:01 PM
Eagle Realty - North Myrtle Beach, SC
North Myrtle Beach Coastal Carolinas
Andrea - they have also been given information that is not completely accurate. Most buyers with foreclosures in mind are shocked to see the condition they are in. Few know they are being sold 'as is' or what that means. Many agents fail to inform the buyers if a seller is motivated they must compete with the price of REOs and the condition is usually better in addition to problems found during inspections will often be repaired or the pricee renegotiated. REOs may be setting the price but comparable homes in the neighborhood are often a true better buy.
Oct 31, 2009 05:10 PM
Elite Home Sales Team OC - Corona del Mar, CA
A Tenacious and Skilled Real Estate Team
I attended a seminar and executives from B of A stated there was no holding back of properties and they did not expect any wave of foreclosures.
Oct 31, 2009 05:19 PM
Benjamin Realty LLC - Gold Canyon, AZ
East Phoenix Arizona Homes
Many wait and then are disappointed as they see the conditions of the properties.
Oct 31, 2009 05:41 PM
Open Mortgage, LLC NMLS # 2975 - Downey, CA
(562)743-6086
Well, right or wrong I don't believe much of what the bank reps say about this issue. I think that most real estate professionals believe that the banks are setting on millions of properties that have either been foreclosed on, or will eventually be. It makes perfect sense for them to set on them, releasing them slowly, as not to destablize markets. You'd think that this practice would be illegal. I also agree with earlier posts about property conditions. None of the listing agents want to accept FHA offers lately for this reason.
Oct 31, 2009 07:18 PM
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