REO agents often leave listings as active even when contracted, that's nonsense that obviously goes against MLS policies and homest business. The reasons offered typically revolve around buyers; many deals come apart during due diligence periods or prior to closing, the agents will tell you they're just hedging their bets.

The other thing you need to be very careful of is getting into a phantom bidding war. Many times you will be told to quickly provide your highest and best offer, you have no clue if there are other offers and often there aren't. Also watch out for homes listed below market, REO agents will list low to generate bidding wars and eventually do another highest and best - if the offers aren't as exected they often start over. Lot's of other games are played, I see it both as an appraiser for Fannie and a broker.

Hank

Hi Mac,

Yes Mac it is generally true that the home will remain active until it closes....and as you were previously told by others the home is active. Depending on the condition of the home relative to asking price will dictate how quickly it sells. If the condition is good then this is a good price for this neighborhood as home between 2006 and 2008 have sold at a low of 412k ahd a high of 567k. If I can be of any further assistance don't hesitate to contact me.

Chuck

Alpharetta is considered the Silicon Valley of the Southeast. Therefore, there are a lot of IT people who have $$ and are buying in this zip code. To answer your question: " how quickly does a foreclosure in this price range move in this market " - I can tell you that a similar home was up for auction in this zip code recently and did not sell because the highest bid did not meet the bank's reserve. So the banks are not giving homes away. I can give you a Sold report showing days on market. Just send me an email......

Best regards,

Sandra Wills
Broker/Owner
Wills & Associates
email: locatecasa@yahoo.com

Thanks for the answers.
I checked the Fannie Mae's Homepath website for 30004 but this house is not there. I can
still see the status of this house as "Active" using other real estate search site but from past
experiences, that does not always mean the house is available. I was told that sometimes in
a REO, the status of a listing does not change until closing, is it generally true?

Hi Mac,
Tina is correct, it is still available. It is currently bank owned. In 2006 it sold for $490,000.00 and is currently listed at $299,999. If you would like more information on this house or others like it send me an email to Mandy@CallMandyBecker.com and I'll be happy to help you.
Best Regards,
Mandy Becker
Keller Williams Realty North Atlanta
678-525-6626 http://www.CallMandyBecker.com

Mac -

It's still available. I think I might have appraised this home as it's now a Fannie Mae home. I expect it needs work but it might be worth a look as the margin is there. Call if I can help -

Hank Miller, SRA, ABR
Associate Broker & Certified Appraiser
Prudential GA Realty
678-428-8276

Yes. And there are many more in that price range. If you are not working with an agent, call me for an email list of all available homes in that area.
Tina Vliet
770-365-4977