Be Careful.

By
Real Estate Agent with Muljat Group
I have many clients come to me and say that they only want bank owned properties. Each time I look up bank owned properties I find that there are better homes for the price on the regular market. Of course, from day to day this can change, but it is important to know that buyers are limiting themselves if they are only looking for bank owned properties. This may not be the best investment.
close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the folder to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Location:
Washington Whatcom County Bellingham

Comments 8 New Comment

Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the computer to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Rainer
11,190
Sean Dankers
Realty World Select

We get a lot of people coming in and wanting to see REO's and pre-foreclosures.  They have the idea that they are going to get a steal if they can pick one of these properties up.  We sit them down and show them homes that meet their criteria and also show them the so called bargains they came in for.  Sometimes they see the light...

December 01, 2006 08:04 AM
Rainer
51,429
John Hruska
Homes Charlotte, LLC

Shannon,

I have definitely noticed this in our marketplace.  Thanks for sharing what's going on in yours. 

 

December 01, 2006 12:57 PM
Anonymous #6
Anonymous
Shannon

I think it is great that people are trying to get a good buy if they think it is possible. I love that people want to continue to invest in Real Estate. I have seen a few great deals our there, but they are few and far between. When I get concerned is when the clients wants to only look at bank owned and not allow me to show them other good value properties. Things are really normalizing in Bellingham so the prices are looking good all around.

 Thanks for all of your responses.

December 01, 2006 03:42 PM
Rainer
19,509
Dixon Team OC
RE/MAX Select One

I love the post!  This is so true.  I currently have over 25 REO listings, and would only recommend 3 or 4 to clients.  The banks are using appraisals for pricing, and are behind our declining market.  A desperate seller with equity beats a bank owned listing everytime.  There are REO deals out there, but they need to be searched for quite thoroughly!

 Check out my rant today about the short sale bait and switch with pricing! http://activerain.com/blogs/kdixon

Thanks,

Ken Dixon  www.DixonTeamOC.com

 

November 16, 2007 10:20 PM
Rainmaker
129,423
Bill Exeter
1031 Tax-Deferred Exchange Expert
Exeter 1031 Exchange Services, LLC
Not to mention that negotiating wiht a bank can drive you crazy! 
December 14, 2007 03:49 PM
Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the printer to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Rainer
3,034

Shannon Neufeld

Ask me a question
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the clip to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Additional Information

Just some thoughts on the day.