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Perception is everthing.

By
Mortgage and Lending with RU Prepared 2 Present

Perception for some buyers is everything. Currently REO's and Short Sale properties are what everone is talking about. There is a feeling that these are the most desired properties. To the point that the first thing people new to home buying ask "Can I get a deal on a bank owned property"? A lot of Realtors now specialize in Foreclosure Homes and Short Sale Prperties. Somewhere in this frenzy another group of homes are in many cases being ignored. There are numerous homeowners that even though property values are down still have equity in their homes. Some of these people are ready willing and able to sell their homes and take the profit.

For many First Time Homebuyers these are really the best deals. Many of these homes have been and are still being maintaned by their owners. On the other hand as we all know, some of the REO's have been vandalized and are sold as is. Yes there are people who know their way to Lowe's or Home Depot. But there is an egual number who once they get there are useless.

Barbara Carter
Century 21 Alliance Realty Group - Highland, NY
Serving Your Real Estate Needs in the Hudson Valle

Charles-

I agree- Homebuyers are very anxious to find "foreclosures"- It is like the buzz word to a good deal. We try to explain that we will search all homes and that the homes that there are homes on the market that are great deals whether Reo or not. We have seen that the REO's are often run down due to neglect sso they are no more a BARGAIN than any other- They are being sold at market value- Great Post!

May 26, 2008 11:55 AM