I talked with the Realtor, we plan on hiring to sell our house, today. She told me, starting April 1, Bank of America will release 500-600 foreclosures each month. They have an inventory in Nevada of over 6,000 homes. She suggested we put the house up NOW, to use this month to possibly get the house in contract....
RIGHT. I am not through with my "de-cluttering" and we have not found another house...I am so weak from this miserable flu or whatever it is I have been fighting this past week...
She said if the market gets flooded again, it will drive the prices down.. The banks will list the foreclosures low, allowing the house to get into a bidding war, which will drive up the price of the house. Often, that ends up with the property going back into foreclosure AGAIN!!.
No doubt there are other banks who have inventory too, and will follow suit. I don't even want to think about the amount of foreclosures flooding the market here in Nevada!!! Will they do the same in California, or have they already released their "phantom inventory"? Our Realtor in California said she knows nothing about when they will release the inventories of foreclosed homes...she is going to investigate for me and call me back...
If might help us in getting a place in California, but not here. When I told my husband, all he could say was,
"Can't we ever catch a break?"....
6 comments:
Selling (buying) a house is always stressful and this mortgage situation just adds to the tension. Hope all goes well with you, both on the selling AND on the buying end.
You might want to get "a second opinion" from another real estate agent, just to be on the safe side.
I hope you feel better, first off, then get your "house in order!" You deserve the best of breaks.
A second opinion doesn't sound like a bad idea...and trying to do anything large, significant and difficult when not feeling 100% is, in my experience, nearly impossible. Sometimes circumstances push us in a direction other than the one we planned on going. For the moment, maybe rest and recuperation would be your best investments of time. You will catch a break, I know it.xoxo
Wow! you have a lot on your plate. The housing market sucks and so many people are caught in the same situation you are in. All you can do is put it on the market and see what happens. Sorry to hear of your Dad's blood clot problems. Hope things work out for the best. Also I hope you are feeling better, it takes a long time to get over the bug. My husband & I have both been sick with it for over two weeks.
There really is something crazy about the Las Vegas housing market, and I can't help but feel that buyers are being manipulated. I don't know what the answer is. Good luck, Donna.
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