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Don’t Believe the Hype
I keep hearing about foreclosure and bank owned properties (REO’s) are the best deals on the market right now. I think the news has us all convinced but I do not believe this is always the case for example…
I have one transaction I closed about 3 weeks ago where my buyer made several offers all on bank owned properties. He ended up buying a privately owned property for 15,000 under the asking price and we were able to close in less than 30 days. Which if you have experience with bank owned properties average closing time is over 45 days. We made 3 offers all on bank owned properties that did not go through. All 3 of them sold for over asking price one of them almost 20,000 over asking price and all of the properties needed major renovations. I have another transaction I closed recently that we got 14,000 under the asking price and it sold for less than any of the other recent sales in the neighborhood especially the foreclosures. We also closed this in less than 30 days. I also recently put another property under contract where we are getting almost 8,000 in seller concessions 16,500 off the list price and we have the sellers paying for a septic and well inspection. This is also closing in less than 30 days. So “Don’t Believe the Hype” do you research be a savvy buyer there are great deals out there if you just know where to look.