As expected we are seeing an amazing increase in REO properties around the country and particularly in our area. With a record number of homes in foreclosure it is not difficult to see why over half of the homes in foreclosure are reverting to REOs. This large influx of REO properties suggests that banks and lenders are going to be extremely motivated to make deals this summer. It simply isn't fiscally sound for them to hang on to these properties.
What does this mean for buyers? Its time to make deals. If you want to buy a home don't miss this opportunity. Once the banks relieve some of the pressure built up by the glut of REOs they are going to be tougher about negotiations. Life changing deals will be made this summer. Don't miss this opportunity.
