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Old 03-09-2009, 10:37 AM
 
5 posts, read 11,527 times
Reputation: 10
I can understand why you would say they are playing a pricing game. The information the general public doesn't get is what is the banks review criteria for a REO property. The only information submitted to the public websites and flyers generally are the specs on the house and the list price only.

What's more easily available to a licensed RE agent is the bank's review criteria. You have 2 general types of REO deals. Banks will list properties as the "price is the price". Some banks take this to the extreme by working with the first offer that comes through the door regardless or not if it's the highest bid price or not.

The second general type is the one where they will give notice to the agents that a decision will not be made till a certain date in the future. Highest bidder wins; sort of like an auction house.

Also, banks are smartening up. They just got done with their portfolio valuations for the 2008 FY and they are pricing below market on purpose to generate traffic and solicitate mulitple offers.

If I had a house for sale in this market I would want to draw as many people to my home as well.

I'm a RE agent in this town. I try to prepare all of my potential buyers before we even get in the car of what bank owned properties "play the game" and which "time is of the essence" to help with their due dilegence process.


RR16
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Old 03-09-2009, 11:32 AM
 
Location: Here and there, you decide.
9,331 posts, read 13,888,471 times
Reputation: 2289
Quote:
Originally Posted by jjameson922 View Post
and the want ads carry maybe only two jobs a day; something for a tatoo artist or call center help.
Ok so you are half correct, i am also a airbrush tattoo artist and i dont see the ads.. everything is for call centers..or commission only....
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Old 03-09-2009, 06:30 PM
 
3,622 posts, read 2,705,293 times
Reputation: 4203
Hey Kimba!

Well *obviously* I'm going to say the CH area. I love the area and I'm glad this is where I am weathering the housing market storm.
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Old 03-09-2009, 06:34 PM
 
3,622 posts, read 2,705,293 times
Reputation: 4203
Quote:
Originally Posted by olecapt View Post
I can't imagine where you were. There are half million dollar homes in the NW but they are pretty much all on half acres and 4500SF.

There are lots of quite nice 2000SF plus homes for around $250,000. The smaller three BR two baths go down to $150,000 and below..
Really?
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Old 03-09-2009, 07:14 PM
 
Location: Home!
8,670 posts, read 6,577,072 times
Reputation: 8364
Quote:
Originally Posted by RR16 View Post
Being that the CH area is a newer area it's sometimes hard to find a variety of a certain product, especially when it comes to condos and townhomes. Condos and townhomes were considered an affordable housing alternative to a single family home when the prices were on their way up. But with the legal and insurance issues developers face now a days building these types of products it doesn't really pay to build these high density projects in some areas anymore .

The good deals are out there it's just getting harder and harder for somebody without an agent now a days to sell/buy real estate in this town. Most people acting on their own with no representation have their deals fall through due to inexperience with dealing with distressed properties and with 80% of the listings out there being distressed (REO and Short Sale) it shouldn't be a surprise.

Also, there is just so much inventory out there. The last two clients of mine; 1 looked at 36 properties in 3 days and the other looked at 22 in 2 days.

I've been in RE development for over 10 years now in this town and I'm currently doing busiess as a licensed RE agent. What I find most interesting is that most people buying don't know the difference between a bank owned property and a short sale.

I find that most people are disappointed with their search due to fact that their expectations are set wrong from the very beginning.

Have you spoken to an agent about your search? I live in the NW area myself and have worked for some of the major developers in the area as well. If you would like to discuss I can give you my brokerage information.

RR16

Thank you, but this is an old post and I have come much further now. Thanks to a great agent, I do know the difference btn shorts and bank owned.

Just pluggin' along looking for the right situation. Not in a huge hurry, at the moment.
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Old 03-09-2009, 07:16 PM
 
Location: NW Las Vegas - Lone Mountain
15,758 posts, read 19,232,764 times
Reputation: 2661
Quote:
Originally Posted by lyra33 View Post
Really?

Well really 6 or 7 months ago.

Why pulling up old posts? The context of that message is reasonably well worked out in the thread.
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Old 03-09-2009, 08:07 PM
 
3,622 posts, read 2,705,293 times
Reputation: 4203
Quote:
Originally Posted by olecapt View Post
Well really 6 or 7 months ago.

Why pulling up old posts? The context of that message is reasonably well worked out in the thread.
Well, I'm new here so I was not aware that was a faux pax.
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Old 03-09-2009, 08:12 PM
 
Location: Home!
8,670 posts, read 6,577,072 times
Reputation: 8364
Quote:
Originally Posted by lyra33 View Post
Well, I'm new here so I was not aware that was a faux pax.

Don't worry, it wasn't you that pulled it up. It's all good. But see how fast things have changed in that short of time?!
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Old 03-10-2009, 12:47 AM
 
3,622 posts, read 2,705,293 times
Reputation: 4203
Quote:
Originally Posted by kimba01 View Post
Don't worry, it wasn't you that pulled it up. It's all good. But see how fast things have changed in that short of time?!
Thanks.
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