Bank Repo's shouldn't flood the market.

By
Real Estate Broker/Owner with Crescent Realty, Inc. Spanaway, WA.

I have an agent in my office that is the queen of bank repos.  Her name is Jan Willey.  She informed our office at yesterday's sales meeting that one of her big banks (name not disclosed) was going to be getting a bunch of repo's within the next couple of months.

She went on to say that the lender told her that they would slowly filter the inventory into the market.  I take this to mean that they realize that if they suddenly have 40 houses for sale in our market, instead of 10-15, that it will not only impact the housing market in general, but their price as well.

Good planing on their part.

Does anyone one else have something they can contribute to this topic?

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Rainer
86,440
Ron Parise
LocateHomes.com - Cape Coral, FL

From where I sit 40 foreclosures dosen't sound too bad. Here in Lee county Fl, with a population less than Pierce Co Washington, there were 120 foreclosure sales at the courthouse today, more scheduled for tomorrow, and still more on Friday. We've been going at that pace for some time now with no let up in site. Foreclosures are our market or at least 65% of it. So maybe my comment wont apply to your market at all, but ..I dont think it matters if they trickle in the listings or if they come all at once. The market knows the homes are  there and that they are bank owned and that they will be sold sooner or later. The effect on market price has already happened. .....Actually I think your market and the owner would be better served if they come all at once. if they trickle them into the market, I bet each batch gets sold at lower prices, draging the overall market down with it

Aug 26, 2009 09:29 PM #1
Rainmaker
652,646
Bob & Carolin Benjamin
Benjamin Realty LLC - Gold Canyon, AZ
East Phoenix Arizona Homes

All the reports say that the Phoenix area has a lot of pend up pre foreclosures ready to come trickling out onto the market.

Aug 26, 2009 11:28 PM #2
Rainmaker
262,984
Jim Palmer
Chipola Realty - Chipley Office (850) 638-2777 - Sunny Hills, FL
Washington County, Florida

Hmm. Thats a tough one to figure out. Although it doesn't seem to make sense to flood the market, which usually serves to force more price reductions... from the standpoint of the bank, regardless of whether they are on the market or in inventory, they are non-performing assets. Seems to me the best thing to do would price aggressively, get them out there, get them gone, and move on.

Aug 27, 2009 09:44 AM #3
Rainmaker
168,565
Larry Bergstrom
Crescent Realty, Inc. Spanaway, WA. - Spanaway, WA
CNE, CRS, GRI

Ron,

A point of clarification.  We have several hundred bank owned properties in our market as well.  I was just referencing 1 particular bank and how they plan to deal with their properties.

Aug 27, 2009 12:03 PM #4
Rainmaker
264,168
Julie A. Black
KAUAI DREAMS REALTY Kauai Real Property Specialist - Kapaa, HI
CLHMS, CRS, GRI, Realtor, Broker

You should post this question to REO, REO Realtors and/or the Foreclosure groups for more feedback. My area has to few REOs for the banks to be holding back but I am curious on which bank it is.

Aug 30, 2009 01:44 AM #5
Rainmaker
558,669
Chris Olsen
Olsen Ziegler Realty - Cleveland, OH
Broker Owner Cleveland Ohio Real Estate

In Greater Cleveland Ohio, it depends on the market.  I think with the Alt-A mushrooming problem, the negative equity, high-inventory levels, those that must sell and have purchased in the past 4 years, will keep these short sales and also foreclosure sales in the pipeline for the foreseeable future -- and this is what I see experientially here in Cleveland.

Sep 06, 2009 11:49 PM #6
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Rainmaker
168,565

Larry Bergstrom

CNE, CRS, GRI
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