Cape coral Foreclosures Banks are forcing homes prices lower for no logical reason

If you ask your local realtor if they busy with buyers, the likely answer is YES. Next ask them if it’s easy to buy a foreclosed home in our area, and you will notice the look of frustration in their eyes and the resounding answer will be NO.
The reason for that answer is because they are finding, as I am, that within 24 hours of coming onto the market newly listed homes have multiple offers on them and in most cases (especially Cape Coral) they are selling for more than the asking price. Sometimes on homes listed for sale under $100,000 the highest bid goes as much as $20-25,000 over the asking price.
I recently had a motivated buyer find a 1,800 sq. ft. house in the SE area of Cape Coral listed for just under $60,000. It needed little work and was in good shape. I explained to him it would sell for much more than the asking price. He agreed to put in an offer $15,000 over the asking price and still did not get the home. The bank took 10 days to make a decision and asked all buyers twice to give them their highest and best offer.
I see this happening more and more every day.
The really annoying part is that the same bank a week or so later will take a similar property in the same general area and in the same general condition go ahead and list not at the $75,000 range but at an even lower listing price than the one that sold the week before.
This makes no sense to me. Why do that when they know it will sell for considerably more? I see this happen all the time. Buyers think, Wow I can get a great house at a great buy .WRONG! Or they wonder what’s wrong with this area since prices continue to drop.
I just had another email from a buyer who has $50,000 to spend and has interest in 2 houses in Cape Coral that just came on the market. Here is the basic info on one of them: NW Cape Coral, built in 2004, just over 1,600 sq. ft. Houses like that sell in the $75,000 to $80,000 range, this one is listed just shy of $50,000.
Why do they do that?
All of the banks continue to do this and it makes no sense.
While I am on my soap box-Another stupid thing is that banks want a receipted escrow check with an offer. However, they do not tell you who the Title Co. will be. Not all real estate firms have an escrow account and local title companies do not want to hold escrow checks if they are not going to do the title work. Just imagine if 20 people make an offer on the same house, all need to provide a copy of a receipted escrow check. Only one gets the property. Now the buyer has to go through the trouble of getting their escrow money back. They have to do this over and over again till they get a house.
Notice to banks: PLEASE STOP THE MADNESS!
Price these houses at realistic prices! They sell at that price anyway! Stop the silly auction format! Make it easier for buyers to buy.
In the last 4 months Cape Coral Active inventory has dropped by over 1,000 homes. That’s a great sign.
For all your real estate needs contact Adrian at www.adrianwaring.com for all your real estate needs.Or call s239-281-5612, email adrianpwaring@hotmail.com
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