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Old 05-07-2009, 01:13 PM
 
Location: Las Vegas
444 posts, read 1,615,027 times
Reputation: 185

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Not sure you'll get all that much empathy from people who can't afford 8 plus house purchases (wink).

But I do see your point.
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Old 05-07-2009, 01:14 PM
 
Location: Tucson
430 posts, read 1,312,344 times
Reputation: 346
Geez, can you leave something for us house hunters looking for a primary residence!

REO Houses we have found that we like, aren't available because multiple offers already being considered.

We were the second offer on one REO, on market 6 days and we offered $12k above list price, still waiting to hear since several offers have come in since. Its getting really annoying. I feel like its 2005 all over again.
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Old 05-07-2009, 01:38 PM
 
Location: Las Vegas
930 posts, read 1,818,085 times
Reputation: 702
Quote:
Originally Posted by ruready1st View Post
Geez, can you leave something for us house hunters looking for a primary residence!

REO Houses we have found that we like, aren't available because multiple offers already being considered.

We were the second offer on one REO, on market 6 days and we offered $12k above list price, still waiting to hear since several offers have come in since. Its getting really annoying. I feel like its 2005 all over again.

I agree.. I hate "investors" !
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Old 05-07-2009, 01:59 PM
 
1,347 posts, read 2,448,277 times
Reputation: 498
It's investors who are helping to put a bottom in that mineshaft of a housing market in Vegas. On balance, that's a good thing for your economy.
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Old 05-07-2009, 02:12 PM
 
Location: Here and there, you decide.
12,908 posts, read 27,991,974 times
Reputation: 5057
gee mr. doom and gloom is buying all the houses, go figure
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Old 05-07-2009, 02:14 PM
 
33 posts, read 98,181 times
Reputation: 21
Quote:
Originally Posted by ruready1st View Post
Geez, can you leave something for us house hunters looking for a primary residence!

REO Houses we have found that we like, aren't available because multiple offers already being considered.

We were the second offer on one REO, on market 6 days and we offered $12k above list price, still waiting to hear since several offers have come in since. Its getting really annoying. I feel like its 2005 all over again.
I feel your pain. We just threw in the towel on REOs and bought a new house from a builder. A lot more painless.
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Old 05-07-2009, 04:30 PM
 
385 posts, read 1,260,692 times
Reputation: 86
I love my REO condo I bought in Summerlin for 63.50 psf. I love it on the first, too, when I get more than a 1.5% monthly return on my investment.
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Old 05-07-2009, 04:48 PM
 
Location: Las Vegas, Nevada
12,686 posts, read 36,352,317 times
Reputation: 5520
Someone may find this info interesting. I did.

http://www.realestateabc.com/homeguide/reo.htm
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Old 05-07-2009, 05:16 PM
 
385 posts, read 1,260,692 times
Reputation: 86
Yes, contacting the listing agent before the offer is great advice. No need to kick a dead horse.
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Old 05-07-2009, 05:19 PM
 
762 posts, read 1,562,167 times
Reputation: 530
My home was a REO Gem
way more square footage than the bank recorded
Granite and Tavertine floors
Granite counters
and very little fix up
(the bank did not do the research)
It took me 2 yrs of looking to land where I did, while I was seeking the foreclosures kept coming in, more to look at etc. You have to be really careful with an REO
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