Foreclosures and Multiple Offers

By
Real Estate Agent with Edina Realty

It sure appears that the Minneapolis real estate market is heating up a bit in the under $200,000 market.  Multiple offers are happening on well priced and good conditioned homes that have been foreclosed on or in a short sale situation.  With the Federal tax credit now in place for 2009, buyers are taking advantage of low interest rates to make their move to buy.  One wonders if this pent up demand will clear enough out a large number of lender mediated homes to get this residential market back to normal. Only time will tell.

Ray Klotz - Edina Realty

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Topic:
Home Buying
Location:
Minnesota
Tags:
foreclosed homes

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Rainer
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Mike Martell
HomeSmart - Arrowhead - Glendale, AZ - Glendale, AZ

Sounds like the same is happening here in the Phoenix area. We are seeing those well price lender owned homes getting quite a bit over the list price with as high as 14 offers in 2 days. So far in my experience, cash is king and winning a strong percentage of contracts. It appears to be heating up a little and creating worried buyers. It has also caused many offers to be placed blind. This is where we see a property go off the market then come back again to receive multiple offers again. Sure is getting crazy!

June 17, 2009 07:36 PM #1
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Ray Klotz

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