Wikinvest Wire

Bank approval! Need offers!

Monday, August 10, 2009

So, we've begun looking around in the local real estate market a bit - not really to buy a place in the near-term, but to get more familiar with the different areas, price ranges, and so on. One thing that we've increasingly noticed is that prices are being slashed on some distressed properties in order to generate interest, an example of such shown below.
IMAGE About a week ago, the note attached to this property said something like, "Already have four offers submitted to the bank. Please, no more". Obviously, none of those offers were for the full asking price (which was already well below the asking price for comparable properties) so the bank is understandably trying to negotiate upward from the offers they've received.

Look for lots more of this all over the country in mid- to high-priced homes.


dano said...

I keep tellin ya, go look at Hood River!

Tim said...

We plan to go visit that area sometime in the next couple weeks.

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