I’m helping a first time buyer shop for a house on the near-Northwest side in the under-$70,000 price range. She wants at least 3 bedrooms, 2 bathrooms, and must have a backyard (big! dog!). We’re shopping from 19th Avenue to about 83rd Avenue, and from Peoria road north to the 101. We’re searching inside the blue rectangle on the map below.
This past Saturday the buyer picked out a handful of homes to see, from the list of potential properties I’d emailed her. All of her picks were bank owned. Here’s the results of my calls to the listing agents on each home.
Me: Hi. Calling to check status & availability on your REO listing at 123 Main Street. I see it’s only been on the market for 3 days. Any offers yet?
Listing Agent: Yep, we have 3 offers. Bank says they’ll accept one of them on Monday morning.
Me: (same as above, home on the market 1 day this time)
Listing Agent: Yeah, sorry we got 8 offers already. All of them are at or above list price, and most of them are cash. We’re probably not going to be looking at offers from FHA buyers.
Me: (more of the same, 6 days on market)
Listing Agent: We already have an accepted contract on that home, we’re just waiting on the bank’s signatures.
Me: Oh. You might want to know that it’s still showing “Active” in the MLS.
Listing Agent: Yeah, like I said, we’re waiting on the bank’s signatures.
Me: But you have an accepted offer. So it’s not really for sale anymore is it?
Listing Agent: (hung on on me)
Moral of the Story
Homes in good condition in the under $100,000 price range are moving like hotcakes. Multiple offers, bidding wars, and home selling in hours or days. If you’re shopping in this price range, be prepared. Bring water and a snack, a good pair of running shoes and an extra measure each of patience and perseverance.
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