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Letter from Prospective Homebuyers: "Let More Inventory Out NOW!!"

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???

Views: 51


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Comment by Carlos H. Silva Sr. on August 20, 2009 at 12:27am
Today we had 42 offers on a property!!!
Comment by George Bellino on August 19, 2009 at 10:33pm
Henry, I hope they hear you. I don't work much with buyers but i'm sure getting alot of interest in my REO's. These things are going like hot cakes and your right that there's plenty more buyers looking for properties.
Comment by Kristine LaDue-Klink on August 19, 2009 at 12:56pm
I agree with you Henry. I too have ready, willing and able buyers lying in wait. I also see many incentives being offered from municipal levels up to and including the federal level which cannot be taken advantage of due to lack of inventory. Some incentives having unrealistic drop dead dates at this point in time. Being in the Midwest puts us towards the dreaded winter as well and vacant property and freezing temps and snow just don't work well together.
Comment by Linda Landry on August 19, 2009 at 12:44pm
I agree; since I live in the desert the reverse is true. A vacant house left unattended rots from the outside in starting with the landscaping; the eves to the interior where the sun shines into the windows. Additionally,
deteriorated properties bring down the look of the neighborhood not to mention a homeowners ability to sell!
Comment by Carlos H. Silva Sr. on August 19, 2009 at 11:51am
We'll have to put this in front of the right eyes.
Comment by Jesus (Jesse) Gonzalez on August 19, 2009 at 10:20am

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