Intense investor demand for foreclosures has resulted in multiple offers on most of the properties my clients have bid on. Fannie Mae and others can afford to be more choosy, and the result is less leverage for the buyer.
Here's a few instances from the last two weeks:
-An offer on Raleigh townhouse was rejected by Fannie Mae. There was another offer on the property that was rejected as well. My buyers did not reconsider because the property is a little overpriced.
-I'm still waiting on an offer for a Chapel Hill condo that's a Chase foreclosure. There are 5 other offers on the property!
-A Raleigh short sale got 2 offers on the first day, and even though our offer was over asking the bank chose the other one.
-An offer on a detached foreclosure in Chapel Hill was accepted. There were several offers on this property too.
Below is a link showing how the inventory has been changing: