Time frames for escrow on repo properties

I had a long conversation with a large reo listing agent about what seems to be a trend, banks are taking longer than ever to address submitted offers. He told me that after acceptance you can expect a escrow to last from 45 to 60 plus days. The reason is that escrow companies are buried with all the bank repos and the banks just use a few of the larger companies, thus making the matters worse. So be prepared to wait it our the agents have very little control over the situation.

It was bound to happen

Just a quick entry about the market we have seen in the past couple of weeks on REO properties. We are seeing that the banks are not quick to accept lowball offers on their properties. Infact we are not seeing a dractic cut from the list price. Why, because they see more and more buyers coming into the market and loan applications increasing. All theis helps the banks think that they are more able to get top dollar for their property, that remains to be seen. More tomorrow on best and final offer what that is and what it means to the buyer.

Well the fed dropped the rate again today

The fed dropped the rate again today, what does that mean for interest rates, long term rates also followed suit lowering to 5.67 today. But don't get to enthusiastic this friday reports on unemployment will be out and if they look as bad as I think they will, I look to the stock market to react and also bonds. I look to see interest rates back up to yesterdays level by Monday or close to it.

So what I am saying if you are setting on the fence about buying get down get out and find that home and lock that rate. It may be a a while before we see rates as low as they are today.

What is the market going to do, are the prices going to go down more?

Well guess how many times a week I get that question just like most of the people in this business, A LOT.

The answer is nobody knows, but we have to look at whats happening in a market that is changing daily. Some of the things that seem to happening in the past couple of weeks are.

There are multiple offers on REO properties if they are priced right.

The REO proprties that are priced right are moving quickly and are going into escrow daily.

I believe that there has not been a better time to buy a house in the last 20 years prices are down and so are interest rates.

Just make sure your agent is well versed in bank owned and foreclosure homes so that you make sure they are priced right ,the wrong agent could cost you thousands of dollars that coulld have been in your pocket.

I want to start by letting you know a little bit about the people that contribute to the success of Investment Realty Service, and yes I here a lot about our logo that has the letters "IRS' in it, I say that it gets their attention. 

Well on to the people that we have here to support you as a client or just to ask questions of. Marina Gilmore is one of the dedicated persons it has been a pleasure to meet, and is completely detailed oriented. James Arnett comes from a long back ground in institutional advertising and is a great addition to the group. Susan Austin is my lovely wife and is the brains of the outfit and has a back ground in accounting and financial. Then there is me I am the detail guy that makes sure everything is done when it is suppose to be done.

 The reason for this rambling in the beginning is to let you know that the information included in this blog is factual as can be and has been done by use in the past or is what we feel is relevant information you need to keep you informed and hopefully out of trouble.

Now here is the disclaimer, we are not attorneys or tax accountants and if you have problems or questions in those area we say you should talk to your CPA or attorney with any questions you may have.

Thanks for listening and I promise the next entry will include information that you will find interesting about the REO market.

Joe Austin