Wednesday, August 27, 2008

Buyers are Picking Up Bank Owned Properties

Multiple Offers on Bank Owned and Foreclosures

It seems like the people who were on the sidelines are now coming out and buying. A recent foreclosure was listed at $230K a little below market value and received 18 offers within a week. The accepted price, however, was $290K. This goes to show how this strategy of pricing low works well for generating activity and ultimately a higher price for the seller.

For the buyers, it seems like those who continue to wait and expect a further worsening of the housing market may be left behind. The fact that multiple offers are coming in on several of the homes now shows that the competition is fierce here in the Los Angeles and San Fernando Valley area.

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