Bank Owned Real Estate Piles Up

May 31 2008 - Northwest Arkansas grapples with record foreclosures and banks and mortgage lenders find their real estate portfolios growing. It’s a combination that has some buyers presenting lowball offers.

“I have never seen buyers so educated. Many are not looking for just a good deal, they often want a steal,” said Vickie Briolet, real estate agent for Crye Leike Realty in Rogers.

There are nearly 400 bank owned homes in Benton County and another 390 properties set to auction in the next 30 days according to Realtytrac.com. Briolet said there are so many distressed homes on the market it’s hard to find properties in some price ranges that aren’t.

She said there are good deals for patient buyers, but closing in a timely manner has been a problem.

Her experience indicates many bank owned properties involve cumbersome closings that could be streamlined to more effectively move the property.

Briolet recently worked with a couple who relocated to Northwest Arkansas because of work. She said the couple was shopping in the $300,000 to $400,000 price range and looking for a good deal. The fully-qualified buyers with stellar credit and a substantial down payment found a bank-owned property and submitted an offer. The needed a quick turnaround.

Bank Owned Real Estate Piles Up
by Kim Souza | The Morning News