My phone has been ringing off the hook lately with buyers looking for a steal on bank owned REO properites.
I just have to say for my own sanity, that this simply is not going to be the case.
Given the hit that the banks are taking on these properites, they will only slightly be under market value. Based on the damage that the previous, disgruntled owner, has most likely imposed on the property.... the repairs can easily exceed any profit to be made in the investment sector.
Here near Chicago, the inventory is high... and for the most part, the prices are low, or at least negotiable.
This is the "Let's Make a Deal" market that some predicted would never come.
What is happening in your market? Do you find yourself listing more properties in need of a shortsale, or is it "business as usual"?
~Julie
Century 21 Hometown
7821 W. Belmont Ave.
Elmwood Park, IL 60707
630-673-6233
Hey Kirk, that's great news. I would LOVE to be that agent here near Chicago....
I know that it will all change once this inventory actually falls into the lap of the bank. Unfortunately we'll have to deal with this shake-out while the banks scramble for the solution.