Everyone loves a bargain and a bank owned home usually offers buyers a great opportunity and value. Regular readers of my blog know that banks don’t want to own homes. Banks want to sell foreclosed properties and they want to sell them quickly. So how quickly have bank owned properties been moving lately?
I created a custom report today for bank owned homes that were listed (offered for sale) between 9/1/11 and 9/16/11. I used the popular and active price range of $350,000 to $999,000. 47 foreclosure properties were listed during this 16-day period.
Here’s Where It Gets Interesting!
33 of the 47 homes and condos are already shown as pending (or contingent pending) with having accepted offers in 16 or less days! Only 14 properties remained, and many of these homes were just listed in the last few days.
I took a screen shot of a small portion of today’s Desert Area MLS screen that we agents use in order to give you a graphical look at what I’m seeing. The green REO listings are ‘active’ or available, while the blue, yellow and blue listings are at some stage of having an accepted offer or already in escrow (pending).
Buyer Tip: When we discover a bank owned property that looks like a great opportunity, let’s be prepared to pounce! My team and I have helped people discover and win great opportunities in bank owned homes from $200,000 to over $2 million.