Lately, it seems like I have been getting inundated by calls from buyers who want to get a foreclosed property for pennies on the dollar. With the negative media blitz, it seems like it should be an easy proposition. I've got news for you, it is and it isn't. Like traditional listings, a bank owned property that is priced fairly and attractively is going to garner a great deal of attention and sell for a good price in a timely manner. As a matter of fact, the difference between the listing price and the selling price is almost the exact same as other properties in Big Bear, around 7%.
I have run across some very attractive properties that are priced far below what they originally sold for. While it may seem like it is worth a effort make an extremely low offer and "see what happens", it may backfire. If you think a property is a good deal, chances are somebody else will also think the same thing and will "steal" the property out from under you with a good offer. Just a little something to keep in mind.
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