Posted to: Listings

Multiple Offers on REO’s?

Yes, they are happening, but this one is a first for me.

3586 55th Ave in Oakland, a bank-owned property, has been on the market for 128 days, has a $72,000 pest on it, in need of EVERYTHING, and has been in and out of contract 4 times since last fall.  

After starting with a list price of $495,000 in Nov. 2007, changing agents 3 times, and undergoing price reduction after price reduction, list last reduction was the ticket.  The current agent dropped the price on Feb. 12th to $89,840 and set an offer date of Feb. 18th.  I called the agent yesterday and what she told me shocked me: not only did the offers need to be all cash, but they received 30 of them.

THIRTY!!

In THIS market.

Is it a buyers market or a sellers market?  Investors are snatching up the goods like crazy- they are out on the prowl-so for those non-investors, you had better be ready to play hardball with them.