It might seem hard to believe, but multiple offers are becoming commonplace on REOs (Real Estate Owned by banks). These foreclosed homes are very common at the moment in Daly City, San Bruno, South San Francisco, Redwood City, and parts of San Mateo. REOs are sold through Realtors, and are in the MLS just like other properties.

In conjunction with their agents, banks have learned how to price these properties, at prices enough below market to illicit multiple offers. Banks typically won’t even accept an offer until the property has been on the market for a week or so in hopes of garnering something better. Then they typically will counter all the offers with an opportunity to improve their first offer – they call it countering with “your highest and best.”

Feel free to contact me for an REO update or local property tour.

Posted By: James Sherman