There have been many changes in real estate over the past couple of months including the extention of the tax credit as well as allowing current homeowners the advantage of also getting a tax credit should they decide to purchase again before April 2010.
However, one of the most overlooked improvements made has been with the banks. The closer we get to the end of the year, the better the chances on getting a good deal on a Bank Owned, REO or Foreclosure property. While everyone else is out shopping, on vacation or just too cold to go out looking at houses, the real investors are out picking up all the inventory. Why? Because banks DO NOT want to carry inventory into the new year.
A bank is more likely NOW more than ever to let go of properties they have been carrying all year round. They are ready to consider more offers, lower offers just to get rid of these properties. In the last 3-4 months the foreclosure market has been so busy with buyers racing around trying to put in offers before the tax credit was extended. Now that they have discovered it has been extended, they almost are waiting until after the holidays, putting you, in a great spot.
Keep in mind, a bank wants to get these properties off the books. They are in the business of getting paid for offering financing (mortgage) for a buyer. They are not in the business of holding assets, trying to collect late payments or attracting buyers to the leftover assets that have not sold in an auction. Right now is the time to strike. If there is a property that you have been considering, now might be the time where you can find a property and close relatively quickly.
As many of you know, this year, I have become a "Certified Foreclosure Specialist" Not only has this helped me understand the process better and the inside information, but it has put me in a good place with the banks and asset management companies for my buyers who are looking to find that deal out there.
So for those of you that are sitting on the fence, call your realtor and get the offer in while you have more leverage now!