Well, the foreclosure sale at the Temecula Creek Inn on Tuesday evening was well attended. About 200 people came to watch and bid. The atmosphere was charged as buyers received their bidding number and waited anxiously for their choice to come up for bid. I'm pretty sure all the homes sold; at least in the eyes of the buyer. It seems most homes sold for about $100. per sq ft on average. Unfortunately, many of these homes will not be sold to the highest bidder. Despite the fact that someone won the bid on a particular home doesn't ensure the bank will except their final bid. Many of the homes sold at pretty low prices and I'm sure many of them will have the high bid rejected by the bank. Of course the bank will give the buyer a chance to raise their price to one more acceptable to the bank but I don't thing the price the bank has in mind and the price the buyer has in mind are very often the same. Especially when the home is at auction. Every buyer there wanted a deal, while every bank there wanted the buyers to foolishly overbid. With the amount of foreclosures out there, no buyer has to overpay for any house. After all there are more than enough homes to go around right now.
2 comments:
Flipping, one thing that is bound to get a real estate investor stuck in deep waters. And now with foreclosure already making (unwanted) waves on the scene, it's just a matter of time till when investors see the light and realise just where their profits lie.
Flipping, one thing that is bound to get a real estate investor stuck in deep waters. And now with foreclosure already making (unwanted) waves on the scene, it's just a matter of time till when investors see the light and realise just where their profits lie.
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