REOs,Simi Valley,CA

I just wanted to share a recent experience I've had in listing bank owned properties. I was first assigned this property back in January. I did all of the necessary "chores" like rekeying the locks, lawn maintenance, repair bids, BPO, and property inspection. Then I waited for about two months until the asset manager handling the property emailed me giving me the listing. I was both disappointed and elated at the same time. Disappointed because the seller had not elected to do anything about the "green" swimming pool. Elated because the list price was better than I had hoped. In my BPO I had recommended setting the price at $450,000 and they came back and listed it at $429,900! I immediately listed the property in my local MLS and before the day was over I had my first offer in writing! It gets better. Not only was the offer in on the first day but it was for full price with no seller paid concessions, and no loan contingency! Too good to be true. The next couple of days were pandemonium. I ultimately received nine offers on the property. They were all full price or higher and none of them were asking for closing costs. The seller requested I send out a "highest and best” memo to all of the buyers. The response was "all in". I ended up getting an offer for $458,000 with no loan contingency, no closing costs, no termite, no nothing! The seller's addendum specifically stated "as is, where is", and that no price adjustment would be made for repairs. The whole process took about ten days before I opened escrow. The property is in escrow now and due to close at the end of this month. If this experience is any indication about my local market conditions, it tells me that we are at a point where buyers are absolutely "chomping at the bit" to buy, as long as they see that they are getting value for their money. This one deal brought nine non-contingent buyers down "off the fence".