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Well, some of the lenders are finally beginning to come around and I’m seeing substantial price reduction on some of these REOs. For example I went and looked at one yesterday that was listed at $124,000 and was reduced to $74,900.
The only problem is I look at the house (a small 2/1) and it had so many issues I couldnt see myself offering over $45,000 but what is really scary it to realize that this home formerly sold for big bucks. Lenders that are slashing their prices are getting activity on homes that have been otherwise inactive, and this is exactly what they need to do to unload the inventory. I expect we will see more of this as lenders capitulate on the seasoned homes that have been sitting forever and day on the market with no offers.
If you’re looking to buy or sell a home in the Fresno / Clovis area - Call me, Lazarus @ 559-301-1647
I can help.
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1 I Would Be Happy With a Balanced Market… // May 17, 2008 at 8:42 pm
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