Quote:
Originally Posted by nota
I donot buy cars from dealers
or houses from realtors
both do know the market
and will try to get all the market will bear
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Well, a good buyer's agent can actually save you $$$, as they do know the market/area, and can substantiate a below-asking offer on an over-priced home. They can also save you from your own ignorance, negligence, and/or lack of due diligence.
Quote:
in the current mess
banks have way tooo many homes they have repoed
they need to move them yesterday
and I think thats where the deals are now
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Yes and no. Once a bank has taken a property back, they have incurred additional expenses and carrying costs associated with REO. Banks have loss-mitigation departments to reduce that very thing. They spend plenty of time and effort to make sure they get the most they can out of each property. After all is said and done, the cost of taking back the average $300k property is about $30k-$40k above and beyond what is lost on the note (remember, they pay listing fees too just like any other seller). All of that translates into minimum lender-net formulas. Around here, turn-key REOs in desirable areas are going for 5-10% over asking with multiple offers on each, and they go quick.