REO's Part II - What's Going on Now?

I haven't talked about REO's lately so I thought it was good idea to write up what I've been experiencing in the last couple of months. For REO's Part I, click here.

First, things are really moving. Since I've been involved in real estate (2007 from an investment standpoint), I haven't seen such aggressive activity. A foreclosed property that is in decent shape will go under contract within a few days or a couple of weeks at most.

I'm also seeing home owner sellers over price their house and it sits there on the market with price reduction after price reduction so little has changed there.

Another interesting point is that both Fannie Mae and Freddie Mac are pricing to sell and if it's a new home on the market, they will barely negotiate. I've already been in a couple of multiple offer situations where my buyer and I had to submit our highest and best offer.

The bottom line is, right now if you see something you like, have your agent get the offer in right away. If it's good, it won't be there much longer.
 

Chris Kavanagh - Sales Associate
Watermark Real Estate Group
843-655-0711 (cell)
843-353-1990 (fax)
ckavanagh@watermarkagents.com
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