As the 4th quarter is well upon us Banks are now looking at the properties they have under on their books as opportunities to start 2008 fresh. Banks clearing their books means savings for you! 
Now, this is not referring to "short sales" as banks are still facing some challenges making quick decisions on those, this is referring to bank owned property. Bank owned property may often be referred to as foreclosure or REO. As the bank now owns homes, they need to clear these properties off of their books so they can maintain their business of lending money!
Real life example:
- A 1 bedroom condo in the Eastside area of Long Beach was listed at $264,900 for quite some time (over 100 days). Now that the 4th quarter is here, the bank dropped the price to $224,900, where it quickly received an offer. That's over a 10% break!
More examples like these will be prevalent over the next 45 days as banks drop prices to attempt to close prior to years end. Remember, that you will need to close before the end of the year to get some of the best deals and the properties are sold "as-is" so the bank won't be fixing anything, but you will be saving on that purchase price! Use the Long Beach MLS or contact your local realtor so you can get the deal on a foreclosure that you have been waiting for.
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