After 15 offers with no success for two motivated buyers I’M RECOMMENDING THEY JUST GIVE UP (for just a little while).  We have been beaten out by cash buyers offering more than list and willing to close in 10 days.

 Give up for 30-60 days and then have all the foreclosures they want to choose from.  I have heard from more than one reliable source in the mortgage and banking business that the market is about to be flooded with foreclosures.  This is not from the second wave of subprime or loan adjustments but REO inventory that has been building up and not marketed.  I would be a bit more on the joyous side but the losses will mount and taxpayers will foot the bill as usual.   The new reality is we are the banks.  However, the rediculous game of offering more than full price in an artificial market will come to an end. 

Stay tuned for the next round in the comedy of errors…how low can the price go.  It will be interesting to see how long the cash buyers will stay in the market.