Quote:
Originally Posted by Noah930
ff moving quickly. We bid on 4 other homes before we got ours. On 3 of those, there were multiple bidders (on the fourth our offer was accepted but we dropped out after reconsidering the amount of work we needed to put into it). One of the 3 was a short sale that went within two weeks for more than asking. The second of the 3 went within a week after the seller dropped the price (at the new asking price). The third went (for cash) within a week at asking price.
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Could be the sun baking my noggin, but I have noticed a perceptible change in the market. A combination of factors are at play. The expiration of the homebuyer credit is one factor. Statistics showed that first-time homebuyers had an abnormal impact on sales. Their absence should bring the fervor out of the distressed housing market. For a while there, it was absurd. Last fall and early this year buyers were bidding well over asking on HUD properties. It's still happening there, but the fools are overlooking good buys through other channels (REOs from banks and other agencies).
Patience rewards the bold.