176,221 New Listings - March 2010 - Last update March 18, 2010 6:15 AM ESTSleeping In Foreclosed Houses Before Buying It
The usual advice to buyers is not to be hasty but to sleep on the reo property before signing. The foreclosure crisis has made things a bit literal for potential buyers. In Orlando and other parts of the country where the real estate market has collapsed some buyers are now being given the offer by sellers to sleep inside the houses before finalizing the deal.
Orlando realtor Pat Skiffington admits that since the market is extremely tough one has to think up novel ways to get a house sold. Offers like these go a long way in helping serious buyers take the decision.
The housing market in USA has come down with a crash after skyrocketing to dizzy heights. Orlando, Miami and Las Vegas have been some of the worst hit pockets. During the boom period speculation had been at its zenith, lax standards were loose and fraud mixed with greed produced the perfect cocktail for the crashing entry of the foreclosure crisis into the scene. There was a time when during 2000 to 2005 the prices of houses had doubled. The collapse of the mortgage industry thanks to the waves of foreclosures has pushed the economy on to the verge of recession. The sub-prime mortgage category of floating loans is being held responsible for this debacle.
Orlando is dotted with “For Sale’ signs – as many signs as there are trees! Skiffington got his idea about sleepover from a television show in which prospective buyers were asked to spend a lot of time in the house they were contemplating to buy to get the feel of it. He said that recently he is arranging for the overnight stay of a young couple from Chicago in a reo house that has an asking price of $529,900 in Thornton Park. It is the just the right locality for young city nest builders. To really get the experience one has to stay overnight. Daytime is inadequate to gauge the proper vibrations of a house that is going to be a home. One needs to walk home, have dinner and enjoy the stars. All this is possible only if one stays overnight.
The idea seems to have caught on. Christy Reece of Georgia gave the same offer to a buyer for a reo house priced at $525,000 in the Blue Ridge Mountains. The sleepover guest was so overwhelmed with the view of the sunset, clouds and mountains that he subsequently arranged a mortgage and bought it.
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July 23rd, 2008 at 5:34 pm
[...] unknown wrote an interesting post today onHere’s a quick excerptChristy Reece of Georgia gave the same offer to a buyer for a reo house priced at $525000 in the Blue Ridge Mountains. The sleepover guest was so overwhelmed with the view of the sunset, clouds and mountains that he subsequently … [...]
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