Having concentrated on listing foreclosed properties for the past few months, I am so happy to be working with buyers again! They are such happy people. And fascinating! The diverse personalities and backgrounds make each experience one of mind and heart expansion.
Recently, the buyers that I have been assisting are looking for pure value for their dollar. Of course, REOs (foreclosures) offer the best bang for the buck. Purchasing a house for half of it’s previous sales price is like finding gold for the buyers. The Big Island real estate market, with our limited land area and resources, will likely rebound and today’s buyers will find themselves with a great advantage because of current price points. Did you know that on the Big IslandÂ only 37% of the land is actually available to be owned by private ownership? The balance being held by the government.
Now is the time to jump in, buyers! REOs that are priced right will sell the next day, often receiving multiple offers. Have your loan prequalification letters and proof of funds statements available so that when you see the property that ignites a fire within you, you are ready to pounce. Having had the experience of being on the other side of the transaction representing banks, I can report the banks are moving faster than ever to sell these properties, and they have been willing to negotiate terms. With the tax credits still in place, the buying power stronger now with foreclosures leading the market, thereâ€™s no time to waste!