DATELINE: Justme @ norcalfsbo.blogspot.com
Recently I have been overwhelmed. Bank Managers, Guru's and Real Estate Investors all want to know …"WHAT HAPPENED?"
Some people (serious investors) ask when Banks are actually going to start selling the inventory. Others want to know how they can buy the property before an Auction....
It hurts me to say this, but… wait.
Yup… Wait.
Banks really aren't selling at Auction yet. Yes they pretend to sell properties at a (county-wide) auction, but read the fine print.... It says "the starting bid is not the reserve price" and the owner (bank) can refuse all bids.
As a Result 90% of the properties in the ballroom auctions are not actually being sold, buyers sign a contract, they make a deposit and once the crowd clears a cell phone rings telling them that the bank did not accept their offer... then the bank asks if they could pay more.... it's a sham. Once the buyer tells the bank that they will not pay more the bank gives the money back... what a waste of a Saturday.... I'd rather go see my Sons soccer game.
Sometime later in 2008 or probably in 2009, banks will actually start selling the properties.
In the meantime, make super low offers on REO Properties and gravitate towards Single Home Auctions like those provided by Pacific Auction Exchange… Pacific Auction Exchange actually sells “the property”, unlike Banks who pretend to sell…. Pacific Auction Exchange represents sellers who are dedicated to selling their property now… they just want to find the person who will pay the most.
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