Not when you have multiple offers….
However, when you read through the story the various sources talk about the inventory that is not out there right now. We in the business call this the “Shadow Inventory”.. The Shadow Inventory are the real estate holdings that the banks have already foreclosed upon, hold title to, but have not “released” for sale yet.
I know of several Duplexes that have been returned to the banks and are now what we call REO’s. They have been in this status for over a month now. Why are they waiting to put them back out there for sale…? I don’t know.
In addition to the SacBee article.. I plucked out this article which didn’t have the Sacramento Region listed in this report. RealtyTrac: April foreclosures rise 32 percent
Bottom line is that in addition to the upcoming heat wave this weekend, when you have 10-12 offers on a piece of real estate, that represents anechdotal evidence that the Seller is going to have a little more of an advantage.
This will be the status quo until the anticipated flood of new Bank Owned/REO properties finally hit the market here.
MAKE IT A GREAT DAY….