I continue to be busy selling homes in the metro Detroit real estate market. In the last week I have had for closings, and 4 new offers put in. It is tougher to win a bid on low priced Metro Detroit foreclosures if you need a mortgage. There are cash buyers out there. We have lost (out bid on highest & best bids) to cash buyers even up to $100,000. But we are winning them here or there. It usually takes about three or four bids to win a house. This is the usual scenario.
That is simply because at first the Metro Detroit home buyer wants to put in a low ball bid on the foreclosures. I tell them that they are going over list price and I print off the last Metro Detroit foreclosures that have sold. But they usually don't listen. So they lose the first one.
Then we go out to look at some more homes. But another bid in a little higher or at list price. We lose that one too. I give them the list of the latest foreclosed homes that have sold in the last 45 days that shows list price and sold price. The home buyer finally really looks at it and realizes that they have to bid higher than list price on good or decent homes.
Then they are in the ball game. The next one the bid higher. Then there is a good to great chance of winning.
This scenario plays out every time I take foreclosure buyers out. They have heard about the great deals that people are buying. So they first think they need to low ball the bid. But finally they realize that these Metro Detroit foreclosures are priced so low that they are great deals even over list price.
I want to scream sometimes but I know that if I am patient the client will learn the hard way. They just don't know any better. They just met me and don't have complete trust in me yet. But after a while they realize I am right. I see too many homes in a week and bid with too many clients. I do know the metro Detroit real estate market fairly well. But I'll be going out next week with new foreclosures buyers and do the whole scenario all over again.
Russ Ravary your Metro Detroit real estate agent
Search Metro Detroit foreclosures
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Good for you Russ. I think we are all challenged with the same scenarios. Hard to get clients to "trust us" right out of the box. I suppose that so many have been less than happy with their real estate experiences, realtors, in the past, that they are checking us out and a bit gun shy at first. I want to shake clients sometimes and look them in the eye and say, "don't you know that I am trying to HELP you?" Perseverance will usually win out and TRUST will always have to be earned!!!
PS....I am an old Michigander....sure miss it this time of year!