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Bobbing for some Foreclosed Homes in Charlotte is like Bobbing for Apples

By
Real Estate Broker/Owner with Homes By Cross, Inc.

Sometimes you have to take a big bite.bobbing for apples

Great foreclosed homes at irresistible prices require buyers to be prepared to give their highest and best offers. Why? Because if it is an unbelievable deal, it will have multiple offers submitted. If you really want the house and are prepared to pay for it… go for it.

Are you overpaying for the home? Ask your agent; for the most part, no. You are just paying a higher price than the listed price. It probably still will be a great bargain.

Is this a bait and switch? No. Banks realize at times that in order to sell a property they have to lower its price to such an attractive point that it becomes irresistible. They know that the price will draw multiple offers and quite possibly drive the price higher that the listed price.

Many great foreclosed homes here have investors circling the wagons when they come on the market. Whether you are buying for your primary residence or buying for an investment, jumping into this process without an agent can prove to be very costly.

So if you are bobbing for that great foreclosed deal, be prepared to take a big bite.

Have your financing in place.Work with your agent to glean all the necessary information about the property. Be prepared to act quickly. If you don’t it’s a good bet someone else will.

Homes By Cross, Inc

 

 

 

 

Charlotte, NC has been the apple in many eyes. Stop by our Web Site to pick Your Charlotte Home.

 

Comments (26)

Anna "Banana" Kruchten
HomeSmart Real Estate - Phoenix, AZ
602-380-4886

Claude - this is a great way of saying this.  I love it!  We're bobbing a lot here in Phoenix!

Jul 14, 2009 11:03 AM
Bryant Tutas
Tutas Towne Realty, Inc and Garden Views Realty, LLC - Winter Garden, FL
Selling Florida one home at a time

Claude, Good advice for buyers. One thing to know about foreclosures is that the list price means nothing and has no baring on the value of the property. The buyer's agent needs to do an analysis and write the offer accordingly.

Jul 14, 2009 11:43 AM
Irene Kennedy Realtor® in Northwestern NJ
Weichert - Lopatcong, NJ

Claude,

On Saturday, I showed a couple a wonderful foreclosure just listed. They LOVED it. When they asked what they could get it for, I suggested we start at list price. No way, they aren't going to buy anything unless that get 20% off list.  Had the chat about list being meaningless - the home was priced way below market and was going to fly. Provided well-documented proof, which they are now studying.

A home they both LOVED, could move right in, well below market, nicer & cheaper than any of the others we saw the same day. And they need to think?

I'm hoping the apple isn't gone when they decide to bite (because it will be my fault if they lose out!)

Jul 14, 2009 12:23 PM
Steve Loynd
Alpine Lakes Real Estate Inc., - Lincoln, NH
800-926-5653, White Mountains NH

Claude...You have to chum a bit to attract a feeding frenzy, some REO's have gotten the hint.  I hope they get snapped up that is the best chance of future up-ticks in market value sales.

Jul 14, 2009 12:31 PM
Russ Ravary ~ Metro Detroit Realtor call (248) 310-6239
Real Estate One - Commerce, MI
Michigan homes for sale ~ yesmyrealtor@gmail.com

It is happening the same way in the Metro Detroit area.  So few good foreclosures and so many first time homebuyers. 

Jul 14, 2009 12:51 PM
Kim Dean
www.GoSimplyTexas.com - McKinney, TX
Simply Texas Real Estate - Broker/Owner

Claude - I recently wrote a very similar post stating the same thing for my area in North Dallas. Buyers need to also calculate how much it will cost to bring some of these foreclosures up to livable condition. Many are as-is, and when you add this to the sale price you have to analyze if your "good deal" is really a good deal!

Jul 14, 2009 02:51 PM
Nevin Williams
Fairway Independent Mortgage Corporation - Cary, NC
Senior Mortgage Advisor

Claude - I am doing quite a bit of business in San Diego and this applies there too.  Multiple offer hell!

Jul 14, 2009 03:08 PM
Chris Olsen
Olsen Ziegler Realty - Cleveland, OH
Broker Owner Cleveland Ohio Real Estate

Hi Claude -- Solid advice.  Measure twice and cut one.  Be prepared, etc.  Very, very good counsel.

Jul 14, 2009 03:36 PM
Roland Woodworth
Blue Cord Realty - Clarksville, TN
Blue Cord Realty

Great information.. Many are priced to sell and are below market value in many cases

Jul 14, 2009 04:11 PM
Christine Donovan
Donovan Blatt Realty - Costa Mesa, CA
Broker/Attorney 714-319-9751 DRE01267479 - Costa M

The same holds true for many foreclosed homes on the market here in Orange County.  They are often on the market only for days and then sell with multiple offers.

Jul 14, 2009 04:18 PM
Dawn Maloney
RE/MAX Trinity Northeast Ohio Real Estate Specialist - Hudson, OH
330-990-4236 Hudson & Northeastern Ohio

It does take a while to catch on, but the serious buyers figure it out. The others take their marbles and go home.

Jul 14, 2009 04:33 PM
Allison Stewart
St.Cloud Homes - Saint Cloud, FL
St. Cloud Fl Realtor, Osceola County Real Estate 407-616-9904

That's  the truth! Timing is everything- especially when it comes to being prepared to take that bite instead of just a nibble.

Jul 14, 2009 10:29 PM
Claude Cross
Homes By Cross, Inc. - Charlotte, NC
Charlotte NC Homes For Sale

Anna - Glad to hear Bobbing is popular in Phoenix

Bryant - My buyers get hammered with your advise on value.

Irene - Perhaps another apple of similar size will come available should your buyers wait too long

Steve - I like the chumming idea. You are right about the future markets

 

Jul 15, 2009 01:40 AM
Pam Simpson
Bob Leigh & Assoc., LLC - Senatobia, MS
GRI, Broker-Assoc.

Great way to describe this topic.  We are seeing the same thing in North Mississippi. 

Jul 15, 2009 02:17 AM
Claude Cross
Homes By Cross, Inc. - Charlotte, NC
Charlotte NC Homes For Sale

Russ - The good ones do go quick

Nevin - Hopefully with all the work you win more than you lose.

Chris - Thank you

Roland - The task is to keep buyers informed. You are right

Jul 15, 2009 02:31 AM
Claude Cross
Homes By Cross, Inc. - Charlotte, NC
Charlotte NC Homes For Sale

Christine - I think your market as well as mine are mirrored across the country

Dawn - I've had to ask some to take their marbles and go play elsewhere.

 

Jul 15, 2009 02:36 AM
Claude Cross
Homes By Cross, Inc. - Charlotte, NC
Charlotte NC Homes For Sale

Christine - I think your market as well as mine are mirrored across the country

Dawn - I've had to ask some to take their marbles and go play elsewhere.

 

Jul 15, 2009 02:36 AM
Claude Cross
Homes By Cross, Inc. - Charlotte, NC
Charlotte NC Homes For Sale

Allison - Nibbles can lead to bites. Sometimes all it takes is a little patience

Pam - Glad to hear they are bobbing in Mississippi

Jul 15, 2009 02:39 AM
JL Boney, III
Coldwell Banker - Columbia, SC
Columbia, SC Real Estate

All of our great deals fly off the shelf here and have multiple offers on them. I have had clients offer well over the listing price and still not get the home. Congrats on the feature my friend.

Jul 15, 2009 03:58 AM
Claude Cross
Homes By Cross, Inc. - Charlotte, NC
Charlotte NC Homes For Sale

JL - The good ones surely do Fly. After a few lumps buyers understand. Makes our work continous. Thanks

Jul 15, 2009 05:12 AM