Reo Agents California
Southern California Reo Market – whats going on?
I have been looking to buy an REO for several months now. I look for fixers to fix up and either rent or resell. I find ‘em no problem, they all need work, many of them need ALOT of work, but regardless what they need, they all seem to sell quickly and with multiple offers OVER the asking price. I am willing to pay cash but Im told by the agents that there are multiple people buying now and everything sells with multiple offers. I have NEVER paid over asking price for anything and my brain doesn’t want me to… should I give up looking for REOs right now? One side of my brain says if they’re this hot at these relatively low prices , then prices should go up, but the other side says it’s when people compete like this at the buy side, it’s not a good time to be buying… what say thee people of Yahoo Answers?
The same thing is in northern CA, 30-40 bidders per property.
You need cash, lower cash bids are winning over higher financed deals.