REO’s are getting a lot of action!

Now-a-days, if you’re looking to buy a home you’re more than likely to find a lot of REO’s or Bank Owned properties.  Due to the mortgage fall out, banks are finding themselves owning hundreds, no thousands of homes!  (Keep in mind, banks are not in the business of owning homes, they are in the business of loaning money so people like you and I can own a home.) In any case, the misfortune of others has become a great opportunity for others. 

People who didn’t think they could afford to buy a home in the Bay Area are now out in droves and they are making multiple offers on all the REO’s out there.  I’m finding that the buyers agent is even calling before they show any of these REO’s to see how many offers have already been received and IF it’s even still available … because they are all getting multiple offers! 

I have an REO in Antioch that was listed for sale in Janaury 2007 for $479,000 and it’s currently listed for $289,900!  No wonder these REO’s are getting a lot of action!  Some say we haven’t hit the bottom yet and others say we have, all I know is there are a lot of people (First time home buyers, move-up buyers and investors) who are out shopping … and buying homes!

Are you interested in buying an REO?