Hennepin County Forclosures....A Scam??
Are the forclosure homes in Hennepin County being given away? With so many of them available, you would think lenders would want to do almost that, just to get rid of some of the inventory they have. And in some cases, some of them may have you thinking just that. However, there may be a peice of the puzzle you do not know.
Now, lenders are using a new tactic to generate massive amounts of interest in their properties. They have been pricing their homes anywhere between $25,000- $200,000 below current market value just to generate un-suspecting buyers to make offers on their properties. Meanwhile, they are not accepting full priced offers and keeping the properties on the market in hopes of generating offers over and above the asking price and create a multiple offer situation.
This means buyers are bidding on homes and having to wait weeks, and in many cases months for lenders to even decide if they are willing to accept the offers. This has been putting extra stress and anxiety on buyers who are hoping to get a good deal.
For lenders, this tactic has been proven to work, but more often has proven that buyers will not wait months just to see if they can purchase the home and will move on to another home.
Happy House Hunting!!
