Thanksgiving is past, but I'm still grateful today. There are a hundred things (and people) I am grateful for, but I want to write about challenges of the Prescott AZ Foreclosure Market and the problems that go along with it. First I should back up and explain about problems and in particular "High Quality Problems". In real estate the worst problem to have is no clients. No clients equal no problems which of course is the worst one to have. 

As I wrote a few days ago, the Prescott AZ REO market has shifted from moderate to red hot. Today's new bank owned listings often get multiple offers the first day on the market.  That brings me to my first problem (that I am ever so grateful for). The time between a new listing going public and getting a good offer submitted is very short. So the key is either searching the listings several times each day and running off with my buyer's several times each week. Or... having information about listings that are not yet listed. 

The process of listing a foreclosed property takes time. We average about 40 to 60 days between the initial assignment from the bank to the time the listing goes live. During this time which we call "pre-marketing" the property is cleaned and repaired if necessary. Several BPO's (broker price opinions) are ordered by the bank. Negotiations take place between the bank and the listing agent to arrive at an initial list price. Marketing is prepared. 

Also during pre-marketing the some houses can be shown if the listing agent knows he has a buyer looking for that particular type of home and the buyer is already educated on the Prescott REO market and ready to roll. I mention the last part about buyer education because it would not be appropriate for somebody who is just starting the home shopping process to jump into a situation where timing is crucial. All the pieces need to be in place. Buyer needs to know the market, have a loan status report or proof of funds ready to go with the offer and be ready to write an offer.

So I am grateful that the current market conditions require me to move fast, know the REO market inside and out and have clients who appreciate the service I offer. Sometimes its hard. It can get crazy. It can be a problem, but its a High Quality problem.

Dave Conners is feeling a little crazy with Prescott Arizona's REO market. He is also very grateful for it:)