Over the past three months we have seen over 50% of the foreclosures either close or go contingent meaning the Buyers are coming off the fence and taking action.
Some of my clients are running into multiple offers with the reo listing agents where we do not get anything back in writing from the bank or the agent just and email or phone call asking for our highest and best offer.
We tour or preview as many foreclosures as possible taking photos to not waste time on properties that are completely thrashed or gutted by the former owners or tenants. Most foreclosures are not move-in ready and need carpet, paint and most of the time appliances which is a big diffrence than having all of the doors kicked in, sheetrock crushed everywhere, and copper ripped out of the walls.
Last, week we toured 3 bed 2 bath homes in the south, southwest and north las vegas under $200k and there wasnt inventory that didnt need $15k and more put into rehabbing the unit.
The market is picking up just in time for summer.