Foreclosures: Do Banks accept lower offers in the 4th quarter?

in steemleo •  7 months ago  (edited)

Can you buy a foreclosure cheaper November - February?

Short answer is yes. I'm blessed to be in a real estate market that has fairly warm winters and rarely have busted pipes. We can show homes almost all days of the year because we rarely have snow outs. So overall, our real estate market fairs better in the off months.

However, banks have different incentives to sell a home.

First, asset managers can receive bonuses for year end sales. In order to meet quotas and goals lower offers may be accepted and justified.

Second, other cities do have more risks holding abandoned properties in the winter months. Pipes can burst. Squatters can have fires in the house to keep warm. Showing activity can be much less in areas with snow.

Third, everyone wants to have strong financials. Banks look stronger when they have performing assets on the books.

Bottom line: If you are a real estate investor now is the time to pickup an opportunity.

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