Here's the latest scoop. I've heard that Wacovia/Wells Fargo has many many many foreclosures coming to fruition because there have been programs etc causing delays in the normal process and these properties have been held back from coming on the market. These will be hitting the market late in the year and into the first quarter of next year. Those of you who have been bidding against all cash offersand getting beaten up regularly, like many of my clients will have a much better chance of getting your bid accepted as these properties will be plentiful and will greatly affect the profit margins of the home flippers.
There won't or at least there shouldn't be as many all cash offers to compete against.
Wachovia said that quite frankly they would always take an all cash offer even if it were 10-15% below the highest offer. Its a purely business decision and better meets their needs. So my readers, my friends, don't fret, don't get discouraged. There are plenty of homes coming on the market in the not too distant future. We may not have the tax credit at that time, though NAR is lobbying to get it extended. We may not have as good interest rates but we will have cheap inventory and plenty of it for the next 6 months or so. But keep in mind this will not last forever, and there wil be no better time to buy.
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