I just have to put this one out there and dedicate it to all the buyers who think they are the *only* buyers that are
aware of the three REO auctions in the next two weeks. There are just a little over 600 properties in those auctions and there is an ABUNDANCE of attention being drawn to them: yellow signs all over the city, agents letting their clients know, late night informercials about them, etc.
I am guessing these 600 properties will go close to their current list prices. Especially since Hudson & Marshall have opened online bidding and "pre-Auction" bids up. It is too dang easy to bid pre-Auction and you are just giving them a starting point for a person who physically attends the auctions.
There are just slightly over 2000 bank owned listings in the MLS, with more coming online each and every day. So, assuming all 600 of those listings were listed in the MLS, that leaves you another 1400 to play with while everyone else has their attention drawn to the auctions, capiche? It's amazing how some people cannot capiche! There are some incredible deals out there and they aren't auction properties!
Also, please back away from the late night informercials on how to buy and extract instant equity out of your property that you think you are going to get 50% less than the already low list price and has multiple offers on it (another story another day perhaps!) You cannot hard money a property and refi/cash out into a conventional in less than thirty days. Any credible loan officer will tell you the truth.
Our market would be WAYYYYYYYYYYYYYYYYYYYYYYYYYYYYy hotter if you could. Think about it!
Patricia: Thank you so much for the compliment and I think you are pretty educational also so that means A LOT! I think, after reading your post tonight, that you can wait to see if it consumes your market as much as it does ours. You seem to be a quick learner and super flexible when it comes to adjusting your business plan!
Rey: You are most definitely welcome! Thanks for all the support recently!
Renee, Everybody wants something for nothing. These infomercials are a real problem to those of us that have to deal with people that watch (and believe) them. Don't beat your head against the wall. Leave them for somebody else.
Bill Roberts