"Johnathan Griffin, Michael Pawlak and Chris Iuso all are chasing bargains on foreclosed homes here [Las Vegas]. ... 'I thought it would be a heck of a lot easier,' said Mr. Iuso, a renter who wants to buy a home but has been outbid eight times, usually by investors able to pay cash. ... But prospective home buyers say it is increasingly difficult to find foreclosed homes at attractive prices in desirable neighborhoods. ... The bargain chase is even tougher for those buying with a loan. Investors with cash have an advantage in that their offers aren't conditional on obtaining a loan so banks often prefer selling to them than taking the risk that another offer will fall through. They are often quick to react when bargains appear", James Hagerty at the WSJ, 23 February 2010, link:
Another sign the real estate market is bottoming: cash buyers.
1 comment:
Hmmm...
Maybe... maybe not...
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