Foreclosed Housing List
November 12th, 2009
Foreclosed Housing List
Question: How much should I offer for a foreclosed house?
I'm looking at a house that is owned by the bank currently, and wondering how much to deviate from the asking price. It's listed at $139,000, in Windsor, Ontario.
Been on the market since June 17th 2009.>
Answer: In my market REO properties are going way over the asking price. Lenders and their agents are purposely pricing their properties under market value and are getting multiple offers. The bidding wars are furious. It is not uncommon to get 20-40 offers on one REO listing within a week after it comes up for sale.
I was talking to a buyers agent today. She has made offers on 10 different properties in the last few weeks and didn't get one accepted. The last the listing price was $165,000 and was turned down when they offered $240,000. $240,000 was the fair market value.
A client is a major REO listing agent in my area. He is getting about 12 new REO listings a week. He gets at least 6 offers within a week per property. Most of the time he's get between 10 and 20 offers. He has five full time assistants and three part-timers.
WATCH-Congresswoman says to squat in foreclosed houses!!!!-1/4
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