reo properties: Institutional sellers have lost sight of the mission: Get the houses sold!
- 06/20/11 01:02 AM
I communicate with a number of real estate agents and brokers all over the country and all seem to agree on one thing: Institutional sellers like HUD, Fannie Mae, banks and loan servicing companies have completely lost sight of their mission, which is to get these foreclosed properties sold. Their attitude towards buyers is callous and indifferent. They seek to penalize potential purchasers for every potential hiccough along the way, yet the SELLER routinely delays a contract or chooses not to close at all without so much as an apology. The prevailing attitude among these sellers is that since buyers … (22 comments)
reo properties: This one “smells” like a foreclosure.
- 05/10/11 12:42 AM
One of the perils of showing REO properties is that one never knows what to expect when the door is opened. MLS photos can be somewhat misleading because they can never quite capture the “essence” of the house. But once the door is open, much of the history of the previous occupants is immediately deciphered by the olfactory sense … the house just stinks! Cigarette smoke, pet urine, mold, rotten wood, and even dead things immediately tell the story of property neglect and abuse. And while some bank-owned properties have been restored to their former glory, the vast majority of REO … (25 comments)
reo properties: A plea to HUD and REO sellers: Turn up the HEAT!
- 01/27/11 12:11 AM
There is nothing worse when showing property than to have the interior of the house is colder than the exterior ambient temperature. Prospective buyers rush through and try to see what they can in the darkness and head straight for the warmth of the car. What did the buyers actually see during their two minute visit? Usually not much and it is very difficult to make a purchase decision without a thorough examination of the property. And even though the plumbing is winterized, extreme cold can cause cracks in the drywall and other damage that occurs due to excessive expansion and … (70 comments)
reo properties: The dreaded “occupancy check.” It’s one of the few things in the business that really scares the heck out of me.
- 12/10/10 12:09 AM
One of the saddest realities in the new real estate world of foreclosures is that it involves real people with heightened emotions that are many times at the end of their rope. The first thing an REO owner usually does after a foreclosure is assign an agent to perform an occupancy check. It is a heart –wrenching assignment. The agent is not there to “throw anyone out” or threaten anyone. The purpose of the visit is to determine if the house is vacant or if someone is living there. And if the home is occupied, to try to get the … (34 comments)
reo properties: Dear REO seller. You may no longer dictate the terms of the sale!
- 11/15/10 12:04 AM
In Coweta County and Newnan Georgia, the supply of available REO properties is currently exceeding the demand of qualified buyers. As a result, the institutional seller’s dictatorial attitude toward contract negotiation is eroding with each new competing property on the market. Buyers can now not only barter on price, but there is increasing flexibility regarding the terms of the sale. What was once sacred ground is now being trodden by savvy buyers on a regular basis. One by one, each REO seller must acquiesce or face the fact that nobody wants their properties under their terms. They have truly been painted … (25 comments)
reo properties: Finding the perfect home at the perfect price may cost some buyers an excellent deal on a good home at a great price!
- 07/28/10 01:10 AM
In our area of Newnan Georgia, we have a lot of distressed properties for sale. And the savvy buyer has an excellent opportunity to acquire a good house at a great price. There are, however, some buyers that insist on getting exactly what they want at exactly the price that they want to pay. And since that combination of value and fulfillment rarely exists, the endless pursuit for perfection goes on and on. We have even had some buyers throw up their hands and quit the search. Several of them had even made some offers that were accepted and they backed … (20 comments)
reo properties: What is this mysterious “system” and what does it have to do with a binding contract?
- 07/21/10 12:52 AM
I had an interesting situation come up recently. A buyer had made a cash offer on a property owned by a quasi-government privately owned mortgage corporation. The offer was accepted, but the seller delayed in getting the executed contracts delivered. And so the SELLER asked for an extension on the closing date to ensure enough time to get the title work done. The buyer agreed, the extension was executed, and then signed and stamped by all parties. Here’s where the story gets interesting: On the day of closing, the buyer wires the money to the title company’s office. But after driving … (16 comments)
reo properties: I got a surprise yesterday and some good news and some bad news! And the bad news was totally unnecessary.
- 11/27/09 11:07 PM
One of the last things I did late Wednesday evening before adjourning for the holiday was to enter a bid for a client on a bank owned property. In this case, the bid was entered electronically via the Internet, but it still requires meeting the client to sign the paper version of the offer and to collect the earnest money. After the offer was entered into the system, the client was curious as to when we would know if the offer was accepted. I suggested that since the Thanksgiving holiday had commenced, we would likely get a response on Monday. … (28 comments)
reo properties: A very common misconception about purchasing a foreclosed property. Tips for buying a foreclosure.
- 04/27/09 12:07 AM
There is a common assumption that there are many foreclosed properties for sale and not enough buyers. Numerically, that is absolutely true. There is still a lot of standing inventory, and more foreclosed homes come on the market every month. What a bargain hunter needs to realize is that there may not be many houses available that are "perfect" for them. All buyers want a good deal. They want the best schools, a nice yard, a house that is in good shape and move-in ready, modern appliances and a great neighborhood. What they fail to understand is that in most cases, … (55 comments)
reo properties: Are foreclosures always the best deal? Risks associated with the purchase of REO property.
- 04/24/09 12:30 PM
Everyone loves to get a bargain. And with a good supply of bank-owned properties available for sale, it seems like there are great deals ripe for the picking! And buyers are coming out in droves! But the fact of the matter is, not all foreclosed properties offer distinct advantages over conventional, appropriately priced property. In many cases, you are purchasing a property with all of its faults and defects. In most cases, banks and lenders do not offer any kind of disclosures or termite clearance letters or warranties of any kind. The buyer is responsible for determining the suitability of the … (17 comments)
;)
;)
;)
