Caroline,
I am just echoing the sentiment of the previous comments. Our bank owned properties are going so fast it makes your head spin! And while there is definately going to be more inventory released into the market as Robert pointed out, but ,there is so much pent up demand from people like yourself who are having to write numerous offers on so many different properties, that I suspect the inventory will be absorbed just as quickly.

Meet with your realtor and look at how your are preparing your offer.
Strategize on your game plan. Make sure if you are asking for closing costs that you are accounting for this in your offer as well as the cost of any repairs if you see anything that might be a problem.
Then, hit the streets with a list of properties you want to see, and be prepared to write an offer immediately.

Good luck Caroline!

micki

We may be seeing a lot of new inventory coming on the market soon as a result of ending the foreclosure moratoriums that may loosen the market up very soon.

Carolina,

That is typical in today's market.
When writing offers you need to look at the most recently closed sales for the same type home in the same neighborhood if possible and write an offer similar to those prices.

FHA offers due to the fact that they "mostly" take 45 days to close, have a low downpayment and require the seller to make health and safety repairs are not as favorable as conventional loans and cash offers so your competition is stiff.

Good Luck. Make sure you are working with a professional Realtor to best help you!

Cindy Vedder
Prudential California Realty
951.231.8439

Hi Carolina,
We have clients that have had to put 16 offers in to get one accepted! Make sure you are writing the BEST offer you can (your agent can help you with this). We are seeing the best homes in Riverside going very fast, and at or over asking price. We had a bank owned home in Corona that received over 40 offers in the first 2 days! Persistance will pay off, good luck in your search!

Hello Carolina,
I'm afraid your Real Estate Agent is correct. There was a stop put on most foreclosures since November (for the Holiday's) and only just recently has that stop been released. That mens we have had a huge decrease in inventory which means more offer on each home and that means more compition for you the buyer. We are getting a huge amount of offers within hours of listing bank owned or for that matter any home. Only one person can buy the home and therefore all of the other buyers are told they cannot purchase the home they have an offer(s) on. You will get a home eventually just keep going. Good Luck!!