How many calls do I get each week from people who are wanting a "good deal"? Let's just say that most people who call as buyers the phase "good deal" is in the mix of what they want. Of course it is! With the news focusing on words like "distress, crisis, overstocked inventory, and foreclosure" the natural thought is to buy with that advantage in mind.
I try to meet with each buyer prior to actually looking a properties or even identifying the property profile for the client. We can shortcut the time, the frustration of missed opportunity, and get the best deal for the needs the client has. I want to know the client's goals and often they have not identified those goals for themselves.
These are questions to ask:
1. Have you purchased a home before?
2. How long to you plan on staying in the home that you buy?
3. Will there be children in the home eventually, if not now?
4. Is your ideal home a "fixer upper", one in great condition, new construction?
5. Is the "deal" the most important part of the home buy, or is it to get a good home in a good area?
6. ARe you REALLY serious about your purchase or is this an experiment?
I find that as agents, we must ask the "hard" questions or we cannot help the client in the best way. I work with many clients who think they want a foreclosure because they keep hearing that those are the best deals. The reality is that foreclosed homes are usually very damaged, need more money spent on them than the buyer usually has to spend, and it is only a 30% chance that if a buyer bids on a foreclosure that they will actually purchase it. So the cycle will begin again. Many buyers do not know that when they begin to try to buy a distress property, they are actually going to be bidding against the lender or other professional investors. The process is time intensive and may not be worth it to the buyer in the longterm.
What about Short Sales? In my opinion they should be called "Long Sales". They are NOT QUICK and the lender (Bank) does not care how frustrated the buyer becomes in the long process. The buyer must sign all documents, put up the earnest money, and just wait. Their agent has no control over the time frams. The reality is that if a buyer needs to move within a month to 60 days, it most likely will NOT happen. Short Sales are currently taking 45 to 180 days to close. So buyers beware and understand it before you deside to buy one.
Now the good news........and yes, there is some! Attention BUYERS! There are motivated sellers in all areas that are ready to negotiate to a reasonable sales price right now. These are homes that are in great condition, in great areas, and there are no long time frames involved. This is reality. HOme values are negotiable. They always have been! YOur agent can show you this on paper and it is real.
The bottom line is that buyers need this information. Agents must insist that a buyer visit in the office and NOT JUST go to a house and look before an interview to determine the real goals of the buyer. Buyers need to know that when their agent insists on this interview, they have a good agent who will work toward meeting their real needs.
If you want more information about homes in the Fort Worth or Tarrant county Texas area, please contact me dianne@diannearnette.com
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