About two months ago, a bankrupcy trustee assigned a house to me to sell. I just wrote a blog about how that works.

I had 3-4 offers during that time period I had it listed. The bankrupcy trustee called me and said we are out of time and the judge is giving it back to the mortgage holder.

I went out and pulled the sign and got the lockbox. Boy did the calls start coming in!

In this market environment many people believe they can literally "steal" a bankrupcy or REO. Sometimes they can on an REO but not usually on a bankrupcy assigned listing. The judge wants as much as possible from the sale to satisfy other creditors.

Here is my idea: First of all get this approved by trustee or owner of house. Then, about 30 days before the listing expires or ends pull that real estate sign. For some strange reason this motivates potential buyers.

You will get several calls asking to make an offer or to look at it to make that offer. I recommend when those calls come in to tell the caller that the listing is expiring and they better hurry. That just might work!

 

Mike Frazier Broker/Owner

Carousel Realty Cell# 731-589-7841

Destin,Florida Vacation Rental on the Beach

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3 Comments on Want to sell that REO or bankrupcy house?

JUL
30
2009
636,161 Points 10 Featured Posts Localism Sponsor Outside Blog

Mike - I'm going to refer all of my REO questions to you. I just don't have the patients for it.
2:29pm • #1
187,447 Points

That's an interesting idea. Please update us with the results after you try it.
2:40pm • #2
596,971 Points 39 Featured Posts Outside Blog

Mike,

Another post stressing the 'local' nature of real estate and how things differ from region to region...!!! Thanks,   Fran
3:20pm • #3


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Mike Frazier, Dyersburg Tn Real Estate

Dyersburg, TN

More about me…

Carousel Realty of Dyer County

Address: 1021 E. Tickle Street, Dyersburg, Tn, 38024

Office Phone: (731) 285-2277

Cell Phone: (731) 589-7841

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The purpose of this blog will be to discuss the market conditions in the Dyersburg Tennessee area of west Tennessee. There will lots of useful information for buyers, sellers, bankers and other users of Dyersburg real estate information. I will also often quote other professionals. Follow MikeFrazier-Dyersburg homes on Twitter


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