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Forums » REOs » SWFL REO Pricing

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Jeff Tumbarello

Real Estate Investor · Fort Myers, Florida


Forum_avatar_avatar-jeff_tumbarello

Dec 04 '08, 08:54 AM

am seeing the bottom of the bank owned stuff creep up in pricing. Any thoughts as on how that will hold thru season.?

Edited: 06/26/2010 at 06:33AM


Karen VanDerburgh

Real Estate Broker · Fort Myers, Florida


Forum_avatar_avatar-karen936

Feb 20 '09, 09:59 PM

Most forclosures going for 95% or higher list price and multi offers lots of sales I think prices will continue to sneek up a little through the season but the investors I work with are low balling at the moment and are missing the deals.

Edited: 06/26/2010 at 07:21AM


Stephani Davis

Real Estate Investor · Tampa, Florida


Forum_avatar_avatar-stephani

Feb 21 '09, 02:58 AM

Hi Jeff,

We have noticed a decline in the amount of bank owned props coming on the market (low end, anyway). Not sure if that is due to the moratorium, but there is definitely a lot fewer properties available, and the competition for them is fierce (more so than usual).

Haven't yet noticed any increase in pricing, though

Steph

Edited: 06/26/2010 at 07:21AM


Jonathan Rexford

Real Estate Investor · Vero Beach, Florida


Forum_avatar_avatar-jr_fl

Pro

Feb 21 '09, 03:01 AM

Seeing that over here also. I also think there is a ploy when listing. With mutiple bids coming in on properties and some REO agents getting properties 45 days before they are listed they shop it around to investor friends and also retail buyers. Just this last week I had two where we were in a multi bid state over list price. 2 were cash buyers. I missed the bid as they went higher than I was willing to pay.

Edited: 06/26/2010 at 07:21AM

E-Mail: jonrexford@gmail.com


Jeff Tumbarello

Real Estate Investor · Fort Myers, Florida


Forum_avatar_avatar-jeff_tumbarello

Feb 21 '09, 03:07 AM

I have 2008 Lis Pendens filings in Lee County matched to the tax roll data. There is not as much inventory as people think.

The cream is going quick. In Cape Coral there was cream for water prices, now, it is cream, for milk prices. On the broker side we have 7 pending contracts. 12 offers submitted.

If you are not making money it is by choice.

We are flipping contracts again as well

Edited: 06/26/2010 at 07:21AM by Jeff Tumbarello


Mitsu O'Riley

Real Estate Consultant · Savannah, Georgia


Forum_avatar_avatar-mitmitsu

Feb 24 '09, 02:27 AM

REOs were mainly what the investors wanted before. Now everyone wants them. Simply a supply and demand thing. I also think agents try to lean on their buyers to go after REOs over short sales. Faster payday. I think the deals are in the short sales, if you can wait out the process time. If regular buyers are encouraged to go after short sales, then the REOs will be left for investors.
Besides, REOs are more distressed, sometimes gutted, and vandalized. Shorts (especially occupied ones) can be locked up under the contract until the bank decides, where REOs can have offers submitted until the decision is made (up to 2 weeks).
Besides owners selling their homes short can buy again a whole lot sooner than with a foreclosure.

More buyers = More sales
More Sales = leveling of the market (sooner than god knows when).

Edited: 06/26/2010 at 07:22AM




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