Investors are scooping up most but not all of the deals!
Real Buyers are having extreme difficulties getting their offers accepted in today's now crazy market. The reason is because the all cash purchase investors are finding cash positive investment properties or possible flips (the first is the most likely). They are mainly focusing on the REO's (Real Estate Owned or Bank Owned Properties) as the banks are accepting their 'ALL CASH' offers that have no contingencies and will close in 10 days. The investors all cash offers I have see accepted have been as much as $44,000 under an offer from one of my clients for a single family home. My client offered $427,000 with a 20% down, 17-day Loan & Property contingency, Close Of Escrow in 37 days...The All Cash offer that closed last week was for only $383,000 and closed in approximately 10 days. The bank accepted an offer for $44,000 less and closed 27 days sooner than we would have. Somehow this makes sense to the banks!

A different buyer of mine placed an ALL CASH offer on a home at $33,000 over asking and we were one of 73 purchase offers that were submitted. Of the 73 offers...26 were all cash and we were on the low side of the offers. This one has not closed yet to see the final sale price.

Although this shows you how tough it is in the market right now, I still believe you can land a deal if you stay focused work with a Realtor that has great reputation in the industry. You will get the right property for you.

I found the perfect home for my all cash client 6 days after losing the above stated 76 offer house. We are set to close on his new home later this week.

In today's real estate market it's true...Cash is King!

Your Silicon Valley & Sunnyvale Real Estate Professional
Mark Thomason
www.ThomasonTeam.com
408.850.3085