Foreclosures are Starting to Lose their Appeal!

Good Afternoon Everyone,

There has been a notable shift in our Buyer's market in the past month or so, those Foreclosures and Short Sales are losing their appeal.  Buyers are realizing that they are no longer being sold at Give Away prices and the hassle that goes along with the purchase are just not worth it.  Buyers are finding they can get just as good a deal on a retail seller's home as they can from a bank.  They have a real live person to deal with who is anxious to make the deal work rather than sabotaging it the way the Banks often do.  These Asset Managers who are on their little power trips are starting to shoot themselves in the foot.  They make the sales so hard to do that the Buyers are getting discouraged and are starting to avoid them.      

You would think that the Banks would want to get rid of these bad assets wouldn't you.  Logic says that they should be so happy to get an offer from a qualified buyer that they would do back flips to make the sale happen.  Well they don't!  They are more concerned with their own self interests and the interests of the Bank that they don't care about the buyer at all.  Never mind that the buyer is doing them a favor by taking that asset out of their book of bad debt.  They don't care.  If they can't have everything their way than it's no way.  I'm not sure why that is, maybe it is simple arrogance!  The Banks think they hold the power but guess what, that power is shifting away from them.  

Buyers who have made upwards of 20 offers on either Bank Owned properties or Short Sales only to have them go no where are getting tired of the game.  They feel like they are being taken advantage of by Big Banks and in truth, they are.  The Buyers are disappointed, frustrated, and they are starting to get angry.  They are growing tired of being preyed upon by the Banks.  Those great deals they think they have found often turn out to be nightmares.  They are tired of playing a High Stakes Poker game with a nameless, faceless entity, and always coming out with the losing hand.      

The game is changing again, and as a Real Estate Professional, I have to say, hurray!  Maybe if enough of those sales go sideways, the Banks will wake up and decide they need to work with us rather than against all of us who are trying to help bring this fire storm to an end.  It certainly can't happen fast enough for me.   

If you need assistance with finding your Mountain Dream Home give me a call.  I'll bet I know just the one you are looking for.

Have a wonderful Memorial Day Weekend.  Be safe!

Sandra Paulow, Associate Broker, GRI, SFR (928) 242-0300 

Your High Country Connection for Real Estate!