Link to embedded video here. Seems like I go over this several times a week with potential sellers. What are their options in this real estate market? Here are my answers - 1. Sell it - easier said than done. This can be difficult to do if they bought it or refinanced it during the 2003 to 2008 range as many owe more than the market value. 2. Sit & wait it out - not the best choice in my opinion as I don't see any reason things will be better over the next couple year. There number of properties … [Read more...]
Best Doesn’t Mean Highest – The Truth Behind Multiple Offers
April 20, 2010 by 1 Comment
Bank owned listings are accounting for almost 50% of the sales in the Big Bear area. Multiple offers are becoming the norm on these aggressively priced properties and the buyers are having to learn a new strategy of making offers and counter offers. Gone are the days of endless counter offers back and forth between the buyers and sellers. Receiving a best and final counter offer is what a buyer can usually expect and there are some things that you should know when responding to these bank counters. Highest … [Read more...]
More Evidence Of The Bank-Owned, REO Mentality
December 19, 2008 by 1 Comment
Home buyers today are of the "Bank-Owned/REO Mentality." They want to buy something with that kind of price tag, regardless of who owns it. I came across an article from CNNMoney that really hits home on what is going on in the current housing market. If you want to sell a home in this market, no matter how much it hurts, you need to price your home like a bank-owned or REO property. That is your competition. The tough part about this is that bank-owned or REO properties are priced 20-40% less than the non-REO … [Read more...]
Short Sales, Foreclosures, & Bank Owned / REO Properties – What’s The Difference?
October 23, 2008 by Leave a Comment
I received a question last week on Trulia.com asking about the difference between a bank owned property and a foreclosure. These terms can be confusing to those who are not in the business, and even for some of us in the business. Here's a short video explanation of the differences between bank owned properties, foreclosures, and short sales and how they are all related in the end. Feel free to add comments or ask me any questions. [viddler id=6a9e0eb6&w=437&h=368] … [Read more...]
