Why there are not many foreclosures in La Quinta and prices are still falling
By Lori Bowers, The Lori Bowers Group
I got a call yesterday from a man who is going to the court house steps and buying homes. It seems the banks are now not buying the homes as much themselves. This man says in most cases as long as there is someone on the courthouse steps bidding on the home, the bank representative is letting them have it. Now this does save the bank money, but on our side it is driving down the price of homes in our market. One example is a home we sold on short sale for $165,000 and the sale did not go through as the bank said the home appraised for more. Neither the buyer or seller would bring money to the table so the home went to trustee sale. This man bought the home on the steps for $144,000. The bank did save the cost of the fixup and repair of the home, more downtime to resell, and the real es...
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