Despite what the media is reporting about the real estate market, homes are getting offers!
There are a lot of homes on the market that already have offers (some multiple offers) pending bank approval. While these short sale homes sit in line waiting (sometimes up to 6 months) to get approved or rejected by the bank, they still show up as active on the market. Some of the buyers do give up waiting it out. That’s another reason why they allow more than one offer. However, this waiting game can give a false illusion that there are more houses available than there really are. When the bank finally responds, the short sale homes will finally drop from the active list, but remember, the activity was generated months before.
Bottom line, all the pending short sale home activity isn’t showing up as pending sales. So the market appears to have less activity then it really does.
When shopping for a house in this market, verify if the house you are looking at has any offers already pending with the seller or the bank (if a short sale).
Most public home searches will include these homes. This is just another reason why it’s good to have a trusted Realtor. They can screen these homes out of your search results based on your criteria, which can save you time in the long run.
Contact me for a FREE, customized real estate market search!