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Old 02-03-2008, 12:13 PM
 
69,368 posts, read 63,929,437 times
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I'm just wondering what realtors are seeing in their neighborhoods.

Here I'm seeing banks are being very tight when coming down to negotiations, but have priced their properties very aggressively, almost to low as to not allow anything else near it sell.

I wonder if this is causing some of the problems in the realtors, because those that have to sell their properties, cant, because of the local REO properties.

I talked to one of my realtors that are dealing with only REO properties, and they closed on 10 this week. I would assume thats not normal for agents and was wondering what the realtors had to say.
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Old 02-03-2008, 12:37 PM
 
Location: Virginia Beach, VA - 1978 to Present
126 posts, read 594,565 times
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Quote:
Originally Posted by pghquest View Post
I talked to one of my realtors that are dealing with only REO properties, and they closed on 10 this week. I would assume thats not normal for agents and was wondering what the realtors had to say.
WW! An avg. of two closings a day for a whole week by a single agent? Am I reading this right?

I did not realize that Superman or Wonderwoman had gotten their RE license.

In my market there does not seem to be the demand for bank owned properties (or short sales) that there was, say in the late '90s.

I have come across an increasing number of short sales. But everyone seems to know that is a stressful game. Lower asking price = tons of red tape.

-Mark

-Mark
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Old 02-03-2008, 12:54 PM
 
69,368 posts, read 63,929,437 times
Reputation: 9383
Quote:
Originally Posted by Mark Sr. View Post
WW! An avg. of two closings a day for a whole week by a single agent? Am I reading this right?

I did not realize that Superman or Wonderwoman had gotten their RE license.

In my market there does not seem to be the demand for bank owned properties (or short sales) that there was, say in the late '90s.

I have come across an increasing number of short sales. But everyone seems to know that is a stressful game. Lower asking price = tons of red tape.

-Mark

-Mark
Well I took the 10 closings as bs.. but, never know nowadays..

I know I'm closing a property with him that should appraise for $200K, I'm paying $125K, there is another one appraised for $90K, selling for $45K, so it could be true, but I wondered it anyone else seen this being the situation.

I know I was dealing with several other properties that have been sitting vacant for awhile, but the prices have been dropping to fast to keep up with them.
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Old 02-03-2008, 02:30 PM
 
Location: NJ
2,210 posts, read 7,013,444 times
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Quote:
Originally Posted by pghquest View Post
I'm just wondering what realtors are seeing in their neighborhoods.

Here I'm seeing banks are being very tight when coming down to negotiations, but have priced their properties very aggressively, almost to low as to not allow anything else near it sell.
In my area it is the opposite. Banks are pricing high, or at least too high for a sale, the properties are sitting empty and many are degrading from lack of care, making them even less attractive. I heard something similar in some parts of California where there are developments with too many empty homes which are causing some blight. One would think the banks would just want to offload them at this point.
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Old 02-03-2008, 06:59 PM
 
Location: Palm Coast, Fl
2,249 posts, read 8,879,636 times
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In my area, it depends on the bank and the Realtor®. What some of them are doing are pricing them very very low and then taking in all the contracts..they create a bidding war so to speak. They take their time (a week) to decide which one they will take or they just go back to everyone and say "come in with your best and final" and that takes another 1-2 weeks. We others of course are left until it actually closes (generally 30 days) to find out it sold for quite a bit more than the listed price. In the meantime, they've done their damage.
Then there are the banks that are pricing them very aggressively, taking the offer, getting it off the market with in a week or so.
Is it effecting everything? Yep. Add the ridiculous short sales in there, that aren't approved, the bank isn't going to take anywhere near that price and those are sitting there are on the market as well.
It's a muck that really requires a lot of digging through.
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Old 02-04-2008, 08:44 AM
 
Location: Barrington
63,919 posts, read 46,539,278 times
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In my area, banks are consistently pricing under the market and are getting sold.

Perhaps a bigger issue are those homes owned by corporate relocation companies. They usually start out priced wrong and rot. They eventually become better values than REO homes because they tend to be maintained and in better condition than REO homes.
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