Home Buying in Crescent City>Question Details

S, Home Buyer in Northern CA

How quick do REO homes usually sell for, especially when new? Why are they holding out so long when there are?

Asked by S, Northern CA Sun Aug 10, 2008

very few people in my area buying? We have offered twice and they have dropped the price. I know how much they paid for the house, so how much should I be offering?

Help the community by answering this question:


It depends on the price of the REO home. If its priced well, the home will be snatched up quickly by investors. There are a lot of people looking below $100,000 right now and it's difficult for those financing to get the home first because banks would rather take a cash buyer, even if the offer is less than someone who is using financing.
Also, if the home you are offering on isn't eligible for financing, your offer will be denied. Many of the REO's in Crescent City are not financeable.
Please contact me to discuss your situation further so I can be of better service.
0 votes Thank Flag Link Fri Sep 13, 2013
I need to correct I'm not home buying in winnemucca, Nv
Flag Sun Jul 17, 2016
Thank you
Flag Sun Jul 17, 2016
I did a series of blog posts on buying REOs - read them all, as they will help you not fall into traps other buyers are falling into daily. To answer your question directly, read this post which was designed to help you understand the process on the other side of the transaction: http://therealestatewhisperer.blogspot.com/2008/07/making-of…
0 votes Thank Flag Link Sun Aug 10, 2008
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