Christine's Blog

Sellers- So you want more feedback?

Christine DeLong-Huver (Charles Rutenberg Realty) — Wed, 22 Oct 2008 12:43:13 -0500

Just got off a call with a listing agent from Keller-Williams. I had emailed a few paragraphs of feedback on a property I showed to my buyer last night. The agent said the homeowners are dismayed because the home has been for sale for over a year and they have had zero interest. The home is beautiful, open, and roomy with a nice yard and pool, good neighborhood and great curb appeal. The home owners asked the agent to call me back and get more specific feedback.

So....I told her exact specifics, down to the faux bricks glued above the bedroom doors. Sounds harsh doesn't it. I don't think so. Sellers hire us to sell their home, so I feel I need to let the sellers know exactly what is holding back the sale of their property. It isn't about them having bad taste in decorating, although sometimes it is. What straight talk with sellers is about is that as a Realtor, I am out showing hundreds of homes a week; I see reactions and know what buyers are turned off by and what they look for.

My advice to sellers:

Fresh coat of paint in every room, neutral but stylish colors. You may dislike neutral tones but remember, your daughter may love her fuschia room but it puts buyers off. If you have questions about your paint choices ask your Realtor or call a professional painter. You can even call me and I will come over and give you honest feedback, brutally honest.
Put away the hundreds of chachki's you have displayed out around your house. Personal items tend to distract a buyer rather than add to your homes appeal. Remember less is more!
Get rid of decorating "themes", by this I mean things like Southwestern theme, Italian theme, etc. Buyers get overwhelmed when they see a "themed" home
You want buyers to see a blank canvas so they can imagine the home as their own. Don't go too blank as a stark white home with no decoration is another extreme that puts buyers off.
Don't hold onto the mindset of " the right person will come along", with fewer buyers out there and tons of homes for sale, why turn buyers off. You don't get a second chance to make a first impression!

Feedback-Can you be more specific?

Christine DeLong-Huver (Charles Rutenberg Realty) — Wed, 22 Oct 2008 12:27:36 -0500

Just got off a call with a listing agent from Keller-Williams. I had emailed a few paragraphs of feedback on a property I showed to a buyer last night. The agent said the homeowners are dismayed because the home has been for sale for over a year and they have had zero interest. The home is beautiful, open, and roomy with a nice yard and pool, good neighborhood and great curb appeal. The home owners asked the agent to call me back and get more specific feedback.

So....I told her exact specifics, down to the faux bricks glued above the bedroom doors. Harsh not really, I think we need to let the sellers know these things. As Realtors we know what buyers are turned off by and what they look for.

These particular sellers had been inspired to decorate it in a theme. I am an imaginative person and I can see through the faux paint, italian plastered walls, cherubs, and faux bricks but most buyers can't. (especially in a home over 300k) Most buyers especially those relocating, expect a home to be move in ready and only need minor modification like a coat of paint, etc. In the market we are in, I think we need to do a better job of stressing to sellers that they must neutralize their tastes, put away the chachki's and make the home ready for a new owner. With fewer buyers out there and tons of homes for sale, why turn buyers off to a home by holding onto the "we love it so much, the "right" person will come along" mindset. Sellers can wait, but they might be waiting a long time.

Think -BLANK CANVAS just not too blank as that is another extreme.

REO list

Christine DeLong-Huver (Charles Rutenberg Realty) — Mon, 21 Jul 2008 12:35:30 -0500

REO, or Real Estate Owned, is property is now owned by a bank. Here is a list of banks and links to their REO property. Most of these properties are listed through your local MLS. If you would like to set up an appointment to see any of the properties listed, feel free to call me. Remember all lenders are requiring proof of funds to submit offers on these properties so get approved through your lender before you visit homes.

Countrywide REO:
http://www.countrywide.com/purchase/f_reo.asp

Bank of America REO:
http://bankofamerica.reo.com/search/

HSBC REO:
http://www.banking.us.hsbc.com/

IndyMac Bank REO:
http://apps.indymacbank.com/individuals/realestate/search.asp

Ocwen Financial REO:
http://www.ocwen.com/reo/home.cfm

JP Morgan Chase Bank REO:
http://mortgage.chase.com/pages/other/co_properties_landing.jsp

M&T Bank REO:
http://services.mandtbank.com/personal/bank_owned_prop.cfm

Wells Fargo REO:
https://www.pasreo.com/reo/

American Home Mortgage REO:
http://www.ahmhomes.com

Compass Bank REO:
https://www.compassbank.com/appforms/properties/index.jsp

Fannie Mae REO:
http://www.mortgagecontent.net/reoSearchApplication/fanniemae/

Freddie Mac REO:
http://www.homesteps.com/hm01_1featuresearch.htm

HUD REO:
http://www.hud.gov/homes/index.cfm and HomeSales.gov

Coldwell Banker REO Division
Coldwell Banker REO Division

Regions Bank Properties
http://realestate.regions.com/servlet/Ore/ForeclosedPropertySearch.jsp

Citibank REO
http://www.citimortgage.com/Mortgage/Oreo/SearchListing.do

SBA Properties
http://app1.sba.gov/pfsales/dsp_search.html

FDIC Real Estate Owned
http://www4.fdic.gov/DRRORE/

Sallie Mae Financial Services Properties
http://www.grpcapital.com/properties/index.html

BB&T REO (Branch Bank and Trust)
http://www.bbt.com/applications/specialassets/search.asp

Beal Bank Commercial REO
http://www.bealbank.com/Content.aspx?ID=13

GRP Financial Services Properties
http://www.grpcapital.com/properties/index.php

People's Bank REO
http://www.peoples.com/im/cda/multi_elements/0,,1355,00.html

National City Mortgage REO
http://www.ncmcreo.com/

REO Listings

Christine DeLong-Huver (Charles Rutenberg Realty) — Mon, 21 Jul 2008 12:24:59 -0500

Area REO's

I show hundreds of homes each month, most of which are either short-sales or REO properties since that is almost all that is on the market now. A majority of these homes are in terrible shape and at the very least could use a good cleaning. This results in buyers wanting to submit low offers. Granted, I good at explaining to buyers comps in the area and justify pricing based on comps etc. However, when the electric is off and there is a freezer full of rotting food stinking up the house, holes in the walls, and the floors are filthy, I question why there is a for sale sign in the yard. No one likes low-ball offers on these already low priced homes but lenders and homeowners need to consider the small expense to clean up these properties will significantly speed up the sale and bring them more reasonable offers. As Realtors we have a duty to ensure the properties we list are priced well and presentable to buyers. If we are just sticking a sign in the yard and a combo lock on the door, we aren't doing the lenders or homeowners any service.