The HEAT around the corner! or (where have all the repo's gone?)


I don't mean it's getting hot as in weather here in sunny California, what I mean is the amount of buyers around

the corner when another low priced foreclosure hits the market. It almost felt like I had a sticker on the back of

my car that read: "FOLLOW ME TO A LOW PRICED REPO!"   What point am I trying to make you might ask? Well

contrary to media reports I am going to go ahead and say that in my local market buyers are buying up all the

repos like funnel cake! I mean we've got agents in my office writing offers on repos that I am writing offers on. I

spoke to a asset manager who stated they have been receiveing an average of 19 offers on every repo they list

in my local area! What many of the buyers fighting over these repos don't realize is that you can also find a

great investment on a regular sale home. Statistics show that 50% of my market is short pay sales and

foreclosures and the other 50% is regular sales. Unbelievable?? I think not! I actually had 2 clients under

contract on 2 regular sales in January, my clients decided to buy a regular sale instead of a bank owned because

they felt they were competing with many buyers on homes that were very beat up with no history of repairs done

by previous homeowners. Last but not least these clients often noticed they could get a regular sale in great

shape for less than what it would cost to get a repo habitable. There are currently 50 active bank repos in my

area and 56 repos under contract. What will eventually happen? They will all be gone, a memory will only be at

the back of our heads to remind us of a time when again the media has been taking everyone for a long ride!

Comments (0)

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?