REO FUN!

March 16th, 2008

I spent Friday combing through the ROE properties in all the zip codes that start with 981**, 980**, and 982**. Let me tell you, I had a great discovery. There were a total of 15 available, out of the 1200 or so foreclosures in the month of February in those zip codes. There are only 15 homes that didn’t get bought at auction and went back to the lenders possession to be sold by the lender. Out of those 15 a number of them were around Boeing Field, so it is understandable why they were not bought at auction. The properties that were not bombarded with aircraft engines every few minutes either didn’t exist on the MLS or had been sold in the matter of days. Then there is One left, and by Monday it will have an offer.
Daily I get emails from prospective buyers telling of there desire to purchase a foreclosure or REO property. The individual’s idea from media influence is that, there are a flood of these on the market. NOT TRUE! But it is easy to see how one would have this idea with the mass amount of doom and gloom that is portrayed. Yes, Washington in February had a 9% increase foreclosure filings, says Realtytrac.com. Yes, retail priced homes are sitting on the market twice as long. But just by advertising your home is in trouble and you are willing to accept an offer that 20% below market value, I bet by 6 o’clock that evening you will have a number of offers and an intense increase in foot traffic in your property. I make this statement to make a point that the MONEY really hasn’t gone anywhere, it just has gotten more shrewd. If you are the home owner and you are in trouble create a buying frenzy, just over the idea that you home is way under valued, and pretty soon you have a bunch of egos trapped in a bidding war. And a possibility of you getting much closer to market value for your home becomes real. You might take a 10% hit on the market value of your home but it won’t be twenty.

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