Some banks reluctant to cut prices on foreclosures - Despite the industry's shaky bottom line, many banks still refuse to budge on price when selling real estate. Article from bankrate.com
Buying bank-owned property - By Steve McLinden •
Bankrate.com
John and I have seen the same thing with offers on REO properties as this article describes. We also know that sometimes you may get a great deal, but you shouldn't limit yourself to just foreclosure properties because often we can find regular sales at just as good or better values than REO properties. But what is surprising is that people get caught up in the foreclosure and short sale hype and don't even want to look at anything else just because they *think* those are the best deals. Let me (or whoever your real estate agent is) find you ALL the properties that fit your criteria, regardless of if they are REO, short sale or traditional listings. I'm not saying that the foreclosure or short sale property won't be the deal you are looking for and the property you end up buying, I'm just saying you may be surprised where you find that gem and it could be in a traditional sale.
Kasey Boles
Jon Gosche Real Estate
208-830-6186