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Dear Mr & Mrs. Seller: We Love Your Home But…

seller

Why Buyers (and Realtors) Love REOs

Let’s face it, there are a lot of homes for sale right now.  It seems you can’t drive down the street in most neighborhoods without seeing a For Sale sign.  In Woodinville, WA the city that I live, there are 229 homes for sale (208 homes, 21 condos).  Of those homes available, 12 are bank owned properties (5% of the market).  Contrast that with the number of homes currently under contract (99 homes PENDing), of which 18 are bank owned.

Why do REOs sell quicker than other homes? If you ask the general public, they would answer “Because they sell for less than market value!” My answer would be “Because they are priced appropriately for the market, based on the current conditions”.  If you read my answer carefully, you’ll notice that there are distinct differences between the two statements, but those differences can dictate whether you stay or go. Read the rest of this entry »

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