REO's are hot in Celebration

The New Year 2010 has started - and how did it start in Celebration:

We barely had time to wish 2009 a farewell and to start thinking about 2010 as a wave of REO's (Bank owned properties) hit the MLS. All of a sudden, there were a few very low priced properties available to buy - without the hassle of the many Short Sales. A little Gold Rush started.

At every REO I showed since January, I had the pleasure of meeting my fellow Celebration and out of Celebration Realtors with their Clients showing the same properties. This of course showed the buyers, that time is of essence and many of the REO's had multiple offers within days.

So buyers, who would like to buy one of these homes, need to work very closely with their Realtors. The Realtor has to inform them the day the listing hits the market. They should look at the home the same day. They have to have the downpayment available to transfer immediately and if they are not cash buyers (which they should to really have a chance) a preapproval has to be in place. If the property appeals, the offer has to be written and presented immediately.

I just closed for a client on one REO without getting into a bidding war, by offering full price cash the day the listing agent dropped the price by another $100K.

Here the REO's that sold or went under contract in Celebration only in January 2010:

Of these 20 Homes, five went pending within 10 days! These were only REO's - there was a lot more selling going on in January! While I am writing this blog, we only have 219 properties for sale. That is only 5.4% of all Celebration properties. Is this still a buyers market?

So if you are ready to buy one of these Real Estate opportunities in Celebration, talk to your Realtor now! If you are not already working with a Realtor - talk to me!

See you soon!
Richard

Dipl.-Ing.
Richard A. Stephan
Licensed REALTOR®, e-PRO®, TRC
TonyDavidsHomes.com LLC
1420 Celebration Blvd. Suite 200
Celebration, Florida 34747 / USA
Mobile: +1 - 407 - 433 - 8702
Fax : +1 - 407 - 624 - 4855
My Website: www.RichardStephanRealtor.com
Office Website: http://TonyDavidsHomes.com
Mail To: blog@RichardStephanRealtor.com