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The Spring REO Market Here Is Booming

Buyers need to jump off the fence now if they're going to snag the best deal!
Yesterday I received a call from an Agent who wanted to show one of my REO Listings. He hadn't shown it yet...he wanted to be sure it was still fully available. According to this Agent, almost every Bank-owned listing that he has called on to set appointments already has contracts.

Come to think of it, the last 2 REO Listings I sold each had multiple offers...

In Northern Virginia, it looks like the Spring market is in full swing. I just did a search in our MLS...
In Loudoun County, approximately 47% of all Bank-owned properties listed in our MLS are currently Under Contract.
In Fairfax County, approximately 43% of the Bank-owned properties are listed Under Contract.

Yes, there are so many great properties still available for the savvy Buyers -- but these days they'll need to act fast!!

What's your spring market like??

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Comment by Rafael Garcia on June 9, 2008 at 9:14am
Hi Dawn,

Somewhat the same story here in Southern California; all of my REO listings have been selling in an avarage of 30-45 days and some with multiple offers. In the Moreno Valley, Perris area they are selling in 10-15 days with multiple offers and some going over the list price by about 5%; this is a strong indication that buyers are coming back into the picture; now only if lenders loosed their guidelines a littl bit......
Comment by Kim Lineberger on June 7, 2008 at 10:43am
Hi Dawn,

This spring is really jumping off and busy. I am working with buyers and because I know that most REO listings will have multiple offers, I do call the listing agent first to inquire. One lisitng agnet that I contacted informed me that they had 57 offers on the table. Wow, go figure....there are buyers out there!!
Comment by Jesus (Jesse) Gonzalez on June 4, 2008 at 5:45pm
Hi Dee;

It sounds to me your area is similar to our's here in Nashville and surrounding area. By the way, thanks for the blog, I appreciate your commitment to REOPro and have added you as a Featured Member.

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