Is anyone else taking advantage of the year-end real estate deals to be made with banks (and other sellers)?
For years, this has been our favorite time to score discounted deals but this year is sizing up to be the best yet.
As many of you know, the holiday sesason is historically (regardless of economy) slow in the real estate market. Buyers are too busy - shopping, entertaining, spending time with family, (in many areas it is COLD), to be bothered with searching for a new home. Add to this the fact that, at this time of year, banks are entering their 'year-end close' process. This means banks are under EXTREME pressure from management to turn bad debt into good before the books are closed and the company (bank) needs to report their financial results to the street.
Last week, my husband had a call from a bank, which owns a property we have been following for months. 3-4 months back, the property was listed at 200k. We made a lowball offer and were denied. Two weeks ago, the price was dropped to 150k and, just a few days ago, the banker called and told us, if we could close before the end of the year, we could have it for 120k.
Great opportunity. Make plenty of low offers, be persistant & prepared for a quick close. Bargain shopping at it's finest!
For years, this has been our favorite time to score discounted deals but this year is sizing up to be the best yet.
As many of you know, the holiday sesason is historically (regardless of economy) slow in the real estate market. Buyers are too busy - shopping, entertaining, spending time with family, (in many areas it is COLD), to be bothered with searching for a new home. Add to this the fact that, at this time of year, banks are entering their 'year-end close' process. This means banks are under EXTREME pressure from management to turn bad debt into good before the books are closed and the company (bank) needs to report their financial results to the street.
Last week, my husband had a call from a bank, which owns a property we have been following for months. 3-4 months back, the property was listed at 200k. We made a lowball offer and were denied. Two weeks ago, the price was dropped to 150k and, just a few days ago, the banker called and told us, if we could close before the end of the year, we could have it for 120k.
Great opportunity. Make plenty of low offers, be persistant & prepared for a quick close. Bargain shopping at it's finest!
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