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Buyer Beware

By
Real Estate Broker/Owner with REMAX Associates of El Paso

Agents:  Advise your buyer that if they are considering buying a repo and have found what they want - they had better make up their mind ASAP and get the contract in ASAP.  Banks are now randomly pulling their listings off of the market and sending them into auction without notice.  So what is available today - may not be availabe tomorrow (unless they are under contract).   

Irina Riley
American Dream Colorado - Woodland Park, CO
GRI, SFR, CNE, e-PRO, SRES

It doesn't surprise me. Most of the foreclosed properties are so trashed, that Banks spend more money on making it livable than it will sell for.

Mar 08, 2010 10:57 AM
John Plummer
REMAX Associates of El Paso - El Paso, TX

Believe it or not - we've had two that were in pretty good shape. 

Mar 08, 2010 11:00 AM
Sara Woolford & Steve Golson, ALHS
iTexas Realty Co. - San Antonio, TX

Hi John-

I'd love to know the source of this information.  We are all receiving new news almost daily on the foreclosure and short-sale situation.

Sara

Mar 08, 2010 11:01 AM
Melissa Anderson
Be My Neighbor Mortgage - San Antonio, TX
Your Texas Lender

John- which banks?  I'm wondering if this is a new trend or specific to certain investors.

 

Mar 08, 2010 11:02 AM
Sonja Patterson
Keller Williams - BV - College Station, TX
Texas Monthly 5-Star Realtor Recipient for the Hou

Interesting!  There seems to be a TON of repos and many more to come!

Mar 08, 2010 11:06 AM
Richard Goates
Apex California Realty - Redding, CA
Broker 01251781

Interesting...are they selling them as part of a bulk buy or just sending certain ones out?

Regards

 

Rick Goates

Mar 08, 2010 11:10 AM
John Plummer
REMAX Associates of El Paso - El Paso, TX

A bank that has pulled listings off the market and is sending them to auction is Washington Mutual.  We're continuing to evaluate this to see if a trend is developing and will keep you posted. 

Mar 08, 2010 11:46 AM