After a very busy spring and summer, our number of bank owned assignments decreased dramatically . In the last few weeks we have noticed a huge upsurge in assignments, and that the banks are pricing them to pull in multiple offers. Many trustee sales were postponed for months during attempted workouts and failed short sales, and the banks are starting to sell them again ( which usually results in them keeping them as REO and assigning them to a REO broker. We are being told there will be many more being released just after the first of the year. Researching on the Foreclosure Radar website it seems that there is not a shadow inventory, but just a huge number of sales postponed for months and months. We are looking forward to being busy selling these homes again.
I have been here 45 minutes and learned more than I have at some all day seminars........ working on making my website more visable and have lots of new ideas.
I have a bit of time to read , and am setting reading time as a goal for myself. I am looking for suggestions on anything to help undestand the market and the economy we are in.... thanks
The market is frustrating at the moment. With just over 200 homes for asle in Vallejo (almost half of which are short sales) and less than 90 for sale in Benicia (of which 20 are short sales.) there is not much choice for buyers. Offers are comming in way over value, homes not appraising and then selling for less than highest offer, creating 60-90 days escrows.......This has been a dificult environment to work in.
We are in great market now, and almost every property cash flows well and is selling for about half of what it was 3 years ago. Buyers keep wanting to pay 30% less because a few wise folks did by property another 25% cheaper last year. They want the same price their friend Larry paid and do not realize that the market has began to recover and these homes are at great prices that they will probably NEVER see again. Buyers get off the fence. This is a golden opportunity and will not last foreever.
We are located in Benicia California. We specialize in REO property but do short sales, business sales and commercial sales, leasing, and selling home with equity . We are a small organized team.
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