I Want Short Sales and REOs.... Really?

Every week I get calls about condos in Daytona area on the beach, and the first question is whether I can get them information about REO units (owned by the banks) or Short Sales.

What puzzles me is that people are not asking about best deals. They are asking about REOs and Short Sales. As if their hobby is to buy only REOs and Short Sales, and any other deals are not good for them.

But we all know that all they are looking for are good deals. They simply assume that REOs and Short Sales are the best deals.

Is this true? Let's check it out.

There are 35 two bdr/two baths condo units for sale in all those 11 direct oceanfront buildings in the Oceans family in Daytona Beach Shores. Prices start from $148,900 for a 1,062 sf unit in Oceans Five and peak at $369K for a 1,825 unit in newer Oceans Eight.

Only two condo units are distressed sales (REO and Short Sales). Unit 5B4 in Oceans Four for $215,000, and unit 1704 in Oceans Eight for $254,000.

I can't blame the buyers as how often I see the offers from the agents to send free foreclosure lists to Buyers. When I drive by real estate offices in Daytona, there are signs «Free Foreclosure lists». We are sort of telling them that Free Foreclosure Lists translate into Cheap Best Deals.

No, it is wrong translation. Better translation will be: the mousetrap is ready, just come in. ;-)