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Foreclosures Continue To Sell In The Summer Heat Of The Palm Springs Area

Real Estate Agent with Windermere Real Estate

WOW it is 115 degrees out and Gary Drake and I have six escrows going. These escrows are some of the bank owned listings we have listed. At some of the prices we are seeing I can understand why. It is an interesting process to pre list these properties with the weather as hot as it is in the desert right now.

We are seeing a lot of first time buyers making offers on bank owned homes we have mostly with FHA loans. There is some word that the funding for FHA is starting to take up to 60 days yikes!. It is a blast working with REOS but tons of work and organization. After selling ocean front properties for years it is a adjustment working with the REOS but it is the sign of the times. We are blessed that we adjusted or business when we did and started the foot work to break into this tight net niche.

If you have buyers for bank owned properties don't be shy to make an offer. Many times it is less paper work and disclosures but buyer beware since the property is sold as is. Also learn about the listing agent as there are a few jewels out there if you know what I mean.

Over all the REO side is a great business providing great opportunitiesfor buyers and there agents! Many banks are offering concessions to the buyers and great compensation to brokers.

The Palm Springs area is cooking in more ways then just the temperature!


Comments (4)

God Bless
International, IT

Yes I believe their offering a 3% concession for closing cost and don't forget to negociate with them, they really don't want the home to go into foreclosure!

Great Blog! Keep them coming...

Sincerely Yours,

Jul 06, 2008 03:41 PM
Debbie Hughes
Keller Williams Realty - Pleasant View, TN

I know the Palm Springs area is really cooking, my hairdresser just left Tennessee and moved back there. Now I have to find a new hairsylists.

Hope you have a Wonderful Week!

Debbie Hughes


Jul 06, 2008 03:51 PM
Linda Land
Berkshire Hathaway HSCA Properties - Temecula, CA
This Land is your Land

Glad to hear the market is Hot in Palm Desert... Here in Temecula things are really picking up as well.  Seems the bank owned properties are pretty much what is selling and especially if they are under the $250,000.  Are you finding the banks are still working with the "HART" and "Neiamiah" programs or not?

Stay Cool,

Linda Land

Jul 30, 2008 08:16 AM
James A. Browning
Browning Real Estate School/REO Institute - International, IT
MRE REOCertified(R) SSCertified

Thank you for sharing your blog; we need Real estate Professionals to share their comments and information regarding their markets and experiences. Thanks again from beautiful Colorado; Spring is here in the Rocky Mountains

May 03, 2012 03:28 AM