Property Q&A in San Jose>Question Details

Maya, Home Buyer in San Jose, CA

Is this property an REO or is it sold to an individual?

Asked by Maya, San Jose, CA Fri Dec 26, 2008

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Sorry the home was already sold.

There is a lot of variance in the speed and price at which REO's are sold. Reo's that are fantastic deals usually go fast and for above asking price. This can be a tough concept for a buyer to grasp, considering we are in a buyers market.

The banks often set the asking price low on desirable properties intentionally because it brings in multiple offers. This strategy will often bring them in a higher selling price than they would have gotten had they listed the price at market value. Another benefit to the banks in pricing the home low is that is causes the home to sell very quickly. Many times they get multiple offers within just a few days.

Many REO's do go for asking price or less. Those are homes that do not attract as much attention with their listing.

Good Luck Maya and Happy House hunting!
0 votes Thank Flag Link Sun Dec 28, 2008

I saw this house and showed it to a client. I knew it would go fast. I previewed the property the day it came on the market and called my client. We saw it within 48 hours of it being on the market and when the agent called back they had already received 7 offers! My client decided not to jump in with an offer. It was a very cute house with a nice yard and nice neighborhood.

There are more out there like this but it takes being ready to jump and knowing where your final offer will land. The bidding is a different experience for many buyers. REOs take quick and decisive moves to capture the great deals.

Web Reference:
0 votes Thank Flag Link Fri Dec 26, 2008
This one was bank owned and sold through a normal MLS process to a private buyer.
Interesting to see the previous sale 3 years ago was for $630,000!
0 votes Thank Flag Link Fri Dec 26, 2008
Hello Maya, yes this was a bank owned/REO property that was listed for sale on the MLS on October 3, 2008 for $294,500. Only 3 days on the market and the bank was in contract with Buyers who closed escrow on October 31st. Was listed for $294,500. New buyers paid $320,000. Why would the buyers pay more than listed price? There was probably multiple offers on the property and the bank/REO(Seller) of course chose the highest offer with the best terms. Not uncommon. Kind regards, - Andrea Wince.
0 votes Thank Flag Link Fri Dec 26, 2008
This property is not an REO
Sold to a couple
0 votes Thank Flag Link Fri Dec 26, 2008
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