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The "BANKS" aren't waiting any longer

Here is what I've seen happen....

6 months ago -- House A a Bank Owned (REO) property was priced at $400,000. It sat on the market for 6 months, and someone finally made an offer -- of $350,000. The banks quickly within 48 hours accepted the offer.

TODAY! Sale house - sale value house- now instead of pricing house A at $400,000 -- the bank will price it under market -- so they price it at $350,000-- they have 10 - 25 offers within the first 48 hours -- the Accepted offer is WELL over asking -- close to $375,000-- $400,000 -- and the bank had zero holding days. It is taking almost a week to get an answer from the bank.

So if you're wanting to buy an REO property - plan on a "Buyer's Market" frenzy.

Will we start to see a slight rise in prices, probably --- REO's may start to push up the price instead of pulling it down.

PS _- if you are looking to buy a home in Tracy or Mountain House, find yourself a great REALTOR who knows the market. The great homes are selling before a sign goes in the yard.

Posted Monday May 05
( 05/05/08 01:35AM ) — Fort Worth Real Estate - - - Karen Anne Stone

Susan:  This appears to be a pretty good sign that perhaps a "crack" is developing in the market downturn.  Let's cross our fingers and light a candle or two.  Thanks for sharing.

( 05/06/08 08:53AM ) — Gene Allen Realtor Hampton Roads Real Estate

Interesting way to market by a bank.  They usually are more shortsighted then that.

( 05/16/08 10:23PM ) — Jessica Bigger~Eureka CA Historic & Luxury Homes

Susan - This would be a great example to show potential sellers who are thinking of listing their homes as well.  

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