Seller’s Market in the Real Estate Owned market (REO’s)–Bank owned, post foreclosure.
May 16th, 2008 . by Mike KellyA listener asked me if the rumors of “Multiple Offers” was nothing but Realtor Hype?
If Realtors could “hype” up business through manipulation of our MLS pricing structure, you’d think we’d all done this before the 30-50% pay-cut we’ve all taken over the past 3-4 years plus the lost equity of our clients! In the REO market, for my County of Sonoma $200-$500,000, we are getting multiple offers. It is a SELLER’S market for many an assett manager.
We regularly see homes coming on at very low list “hyped” pricing to generate multiple offers. How many? 10-15, one had in excess of 25 offers! Problem is-we have many buyers who qualify at the original “list” price and then are told, after the Realtor/Licensee has extolled what a super “Buyer’s” market we have, they now need to overbid for $50,000!! We see these go over list price by $100,000! But that’s were they SHOULD HAVE BEEN when listed. The assett managers ain’t dummies!! They stall you folks to get buyers to raise the price. Sound familiar? Sounds like our tactics for our Sellers a few years back. Your highest and best offer please!
