January 2008 REO Activity - On the Rise!

By
Real Estate Broker/Owner with Silva Realty Group Inc. 9504756

These past few weeks were amazing for Showings as well as Offer submissions!

I believe it may be the result of the recent decrease in mortgage rates that have caused such an increase in buyer activity! Or maybe it's because the Holidays are over & it's back to home-searching for most buyers?

Let's take a look at the numbers:

Let's start with the inventory:

Team Silva is currently averaging about 50 Exclusively Listed REO properties for Sale. (We currently have over 130 assignments in pre-marketing phase, but only 50 of those are currently active & for sale on the market)

Utilizing our Property showings report through a centralized showing service we're able to easily view a report with all of our scheduled appointments/showings:

TOTAL# OF SHOWINGS:

JAN 18TH - JAN 20: - 47 SHOWINGS & COUNTING....

JAN 11TH - JAN 18TH: - 105 SHOWINGS

JAN 4TH - JAN 11TH: - 65 SHOWINGS

Looks like things are picking up! What does this mean for you? Well, if your looking for a deal you now have competition. We've been receiving a lot of multiple offers on the same properties.. this means a "Highest & Best" situation in most cases so you'll be competing against several buyers to get the house your wanting.

On another note:

BUYERS! Please DO NOT contact us directly regarding your offers if your currently working with another agent. We've been getting alot of buyers trying to go over their buyer's agents head & trying to contacting us directly with questions & wanting to tell us what they'll pay for the house.. We will NOT discuss this with you. It's a Moral/Ethical No-No for us. PLEASE contact your agent directly & he/she can discuss & ADVISE you appropriately. REMEMBER, we work for the SELLER, so if you tell us what your willing to pay for the house, we have a FIDUCIARY repsonibility to the seller to pass that information on them. We've been either referring these buyers back to their buyers agents (if they're able to catch us on the phone) or when they leave a message we have not been returning their phone calls, but advising their buyer's agent that their buyers have attempted to contact us & to take control. Please do not take this the wrong way, we don't mean it to sound unhelpful & don't mean to turn you away,, but it's the right thing to do in the real estate biz.. Your agent would NOT appreciate it if we discuss anything with you. I'm sure if you wanted to deal with us directly you would have done it to be begin with right? At this point, there's no turning back.. once you've put an offer in with another agent on a particular property or have gone into a buyer's agency contract with an agent who is representing you (we're all for having your own representation) you should refer to them throughout the whole process.

Have Fun Home-Searching,, There's PLENTY out there to choose from!!!

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Elizabeth Silva

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