Competition is fierce right now!!
I have lots of offers out, but being outbid at the moment. People are getting caught up in the frenzy and not alot of free and clear owner carry houses around.
I am practising being patient as I know there are lots more houses coming on market.
Went to local Trustee Sale last week and about 40 more houses gone back to beneficiaries.
Just lost one rent to own tenant due to job loss, so interviewing new potential tonight.
Onward and upward!!
Comments (6)
Will, HUD gives preference to the OO over the investor. 6 times I have been the highest bidder, but they awarded the auction to an OO bidding less. Each time it was close, $3K difference at the most. Apparently, HUD will not reveal their exact criteria. However, something like 25% of the time the OO winner does not close and the property comes back for re-auctioning. So I get a 2nd and sometimes a 3rd chance,
Jon Klaus, almost 15 years ago
Banks in my area of Ct., have raised the prices on REO'S. I haven't figured out the percentage increase, but the prices are almost retail.
Raymond B., almost 15 years ago
Hi Will, In my town, a record low inventory and prices going over list. Way more than I would want to pay given what is coming down the line. Banks are taking higher conventional than all cash. Other cash buyers are also simply paying too much in my opinion. I have closed on two in last 60 days and working on other creative ways - thanks for comments.
Caroline Hegarty, almost 15 years ago
Competition is certainly fierce right now as inventory levels have hit record lows. YOu need to find creative ways of avoiding the competition/bid wars.
Will Barnard, almost 15 years ago
How/why would you lose out to an OO who placed a lower offer price? Don't they want the most money usually? Was the OO all cash? Whats the scoop?
Will Barnard, almost 15 years ago
I am buying HUD foreclosures, so not quite what you are doing, but I've made 200+ offers in the 6 months and just 10 deals. Really I don't mind, but sometimes when I lose a property I really want to an owner occupant who has bid less than me, I feel like those of my genetic persuasion (investors) need a lttle government protection ; ) Just keep offering the price that works for you.
Jon Klaus, almost 15 years ago