Lately I have been pondering my very mixed feelings about what I am seeing with some REO properties owned by Fannie Mae, or Freddie Mac, or HUD, or VA. In several recent instances, my buyers have gotten some REALLY good deals because the listing either had such horrible photos or such inaccurate directions and mapping, that likely other possible buyers passed it by. Or in at least one instance, the obvious overload the listing agent was experiencing led that agent to miss some crucial details that benefited my buyer to the tune of some $4600.
So these kinds of situations are obviously to the advantage of my buyers, and make them very happy. BUT, since the bottom line is that these governmental REO properties are essentially US, the public, I end up very torn. The extra good deal my buyers get is coming out of the pockets of all of us that are taxpayers.....right?
Do I feel happy or frustrated? Yeah, a little bit of both.