As of our current date (March,2012), our current inventory of bank owned properties (foreclosures) here in the Coachella Vally is down to approximately 300. These are current active listings -- that number does not include any in escrow or pending -- also excludes both Coachella and the city of Desert Hot Springs.
The banks/lenders appear to have far more foreclosed properties on their books and have slowed down placing them on the market. We have seen a trickle but anticipate more and more of these properties to be released for sale in the upcoming months.
Most of the properties that are in good condition and are in a good location are selling quickly -- sometimes with multiple offers.
From my personal experience, I was waiting for a particular property to come on the market. The day it was released into our multiple listings, I viewed it for out of town buyers. We placed a full price all CASH offer. There were four other offers that came in the same day. Four out of the five offers were all CASH. Since it was a multiple offer situation, we were given the opportunity for best and final offer -- we placed an offer $16,000 over the asking price. That home in 2005 sold brand new for $585,000. My buyers picked it up for $275,000.
Once again, it is so important to be prepared. If you need to secure a loan, have a pre-qualification letter from a major lender. If you are going to pay cash, make sure you can provide proof of funds to close the transaction.
Be prepared and don't hesitate.
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