So
what should I offer the bank?Contrary to popular opinion that REO
properties can be bought from banks for much less than
the list price, stats show that in fact they often go
for at or above the list price, and only those that have
been on the market for some time go for less, and not
that much less either. The banks have already priced
the property at a huge discount and savvy buyers
recognize this and go forward. Note that overall sales
in our market area for last 30 days actually averaged
out at close to six percent over asking pricefor
bank-owned properties.
Link here for chart data.
For an astonishing expose of
how the FDIC and Treasury handle "troubled mortgage
assets" and mortgage lenders click on the video below!
Banks to allow local groups to buy foreclosures
WASHINGTON (AP) - Major banks are agreeing to give local
governments and nonprofit groups the ability to buy
foreclosed homes before they are sold to private
investors. The Obama administration said Wednesday local
officials could benefit from acquiring these properties
and renovating them or...
Regulators defend actions on Lehman, Wachovia
WASHINGTON (AP) - Federal bank regulators on Wednesday
defended their actions leading up to the collapse of
Lehman Brothers and the purchase of Wachovia at the
height of the financial crisis before members of an
inquiry panel who criticized government oversight of the
banks. The regulators told...
Home prices rise in 17 cities in June
WASHINGTON (AP) - Home prices rose in June for a third
straight month as now-expired tax credits inspired a
burst of home-buying. But prices are expected to fall
through the rest of the year now that demand has faded.
The Standard & Poor's/Case-Shiller 20-city home price
index released Tuesday...
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800 West Avenue
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