As a Buyer's Agent for REO's I want to voice the opinion of so many prospective home buyers out there today.
RELEASE MORE INVENTORY!! We all appreciate the 'measured' approach that Banks/Asset Managment companies are taking to market REO's (Supply) in order not to flood the market and cause prices to decline even further at a more rapid rate. Yet the BUY (Demand) side is screaming for more REO's to hit the market and hit it now!
Clearly there is a very methodical and measured release of this inventory that is being 'gobbled' up by homebuyers as they hit the market provided they are in decent condition and priced right. Yet there are so many 'would be' homebuyers that want to purchase an REO based on their perceived value yet get discouraged quickly once they lose out on a couple of multiple offers, selling the day it hits the market and of course, CASH BUYERS!
I feel like this is WAL MART the day after Thanksgiving at 6AM right before the doors open! Where the customers are literally pounding down the door and trampling employees to get what they want when they want it. Buyers have become like the spoiled millionaire girl in the movie Charlie and the Chocolate Factory, "But Daddy I want it and I want it NOW!!!"
There is a special need to release more inventory up here in the North. Yes WINTER is coming which will only deterioate conditions of the asset no matter how well it is Winterized which will only decrease the value. These REO's are remaining vacant for far too long and the buying public is READY, WILLING and ABLE to buy (1st Time Homebuyer Tax Credit or Not).
Why not let good ole market forces work here. Believe me when I say, RELEASE THE INVENTORY AND THEY WILL BUY!!!!
Any comments from my fellow REO Comrades???