Searching for REO'S

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Mon, Jun 21, 2010 at 3:28PM

Well after 2 weeks of searching for a condo for under $40,000 for my snow bird friends,from Realtor.com  We found the perfect one. Located in South Daytona,Florida.  Bristol Bay is complex that has had some issues, but is being turned around by a few investors.  Just like any other condo complex that paid $200k in 2006, several owners decided to "Let it go". This is great for my buyers and investors. This condo is a 2 bedroom,2 bathroom,with a screen room, around 1100 Sq ft,nice shaded backyard,close to the pool,and close to the entrance. Another plus,ground floor unit for my retired friends.  The unit comes on the market on April 14, 2010 at 3 AM. I showed  it at 10AM, and my guys loved it. We put a very strong offer over asking price($33,000).  I spoke to the listing agent at 1215PM. They told me they had two offers already, but hadn't submitted anything yet. Great, we have a shot at this.  I get POF(proof of funds) from my snow bird wanna be's.  Take the offer to agent personal(hand deliver) at 1230PM.  I tell my buyers this is a no brainer ,we should be the highest offer. Just wait for my call.  I get a call at 130PM,the same day from the agent telling me the bank accepted another offer. WHAT!!  That is the fastest acceptance I have ever heard about!!  And the offer was just over list price!  So I drag my tail behind me and go call my buyers.  They couldn't believe it, of course. It really depends on the listing agent and how they handle the listing. They should have submitted all three offers to the bank,not sure why they didn't? Maybe they had their own buyer? That would be my guess. Anyway ,after the annoyance wore off, me and my buyers were searching again. This time from Ohio. Hopefully, they will be back down soon, so we can find them a resting place.  In this crazy market, you will lose some bids on REO's and short sales, it hurts a little,but not for long!


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