IN A BUYER'S MARKET, SOMETIMES SEEING IS BELIEVING, REAL ESTATE AUCTIONS

Carmen:  I think I understand the situation in Florida.  It's rough.  It's not nearly that bad here.  But, it's tough.  Our problems could be reduced dramatically if
the prices would just come down.  A lot of them would sell. 

Connie:  Foreclosures are NOT that much of a bargain around here.  If they were, I'd buy some.

Bob.  Check it out.  It's a bit of a scandal for American Home Mortgage.  If what I read is true, the trust officers are going to be on the hook for this one.  Then, on the other hand, Fannie Mae seems to think it's O.K. to let them remain as the servicing agent for thousands of loans.  It's crazy, crazy.

Rebecca.  My pleasure.

Mitchell:  I've tried that too.  They have to be shown around here.  So, we show them. 

David:  They do get around, don't they??

Brian. Right you are.  So you show them and they decide to stay where they are.  We have a lot of folks around here who, if they can't get the "deal of the century", they aren't in the market.

Allison:  Thanks.  It's pretty obvious around here.
Sorry I couldn't resist... You hit this one right on the head. 

Daniel.  My pleasure.  Come back often.

Susan.  Thanks for commenting.

You are right on the matter of forclosures not being for everyone.

Bank foreclosures are not a problem here because they are listed with local agents and they usually go pretty smoothly.  We just settled a short sale that took about 5 months.

The problem with most foreclosed properties is condition.  Folks don't realize that it's going to cost what they saved to get the property in market condition.  Only a owner with capable "sweat equity" can really do well with these things.

Paul.  You reminded me of one that one of my agents had late last year.

We suggested an FHA 203k loan for a great little house that needed a new kitchen and a garage to be market for the neighborhood.  We were 90% into ratification when the buyer decided that the seller should do all of that and he would pay half what it would cost. 

No deal.  Seller didn't have a dime. 

Sometimes, as you say ((*^%#^&^

Susan.

Come on down and buy a new home in Sunny Florida.  You don't need money.  100% loans, no closing costs, stated income O.K. 

Uh huh.  Then the payments began and they couldn't flip and now they're stuck.

 

Tracy.  That misconception has always been in the public.  Today it is fed by the press talking about foreclosures daily. 

Lanre.  Helping my buyers find a great house is my pleasure.

Paula.  Agreed.  This is not new.  These things have been around forever and I've gotten calls from "bottom feeders" since I've been on the Internet.  I used to sell HUD foreclosures, but gave that up because I just got tired of looking at overpriced junk.  The HUD program is a scam on the consumer, but they don't know the difference. 

John.  Hardly a day goes by that I don't get a call from someone asking to see foreclosures or calling about a home going to auction that they saw on Homesdatabase.  They are all listed for WAY below market and WAY below what they will sell for.  Most of the auction listings are phony anyway.  The seller is sold a bill of goods by the company doing the auction.  They have a reserve for market value.  You gotta love it.  I don't have a problem with bank owned properties though.  They have already been foreclosed and are sold just like any other home once you explain the additional addendum to the buyers.  

We've always had these properties.  They've just not been featured in the local and national press as they are today.  Now the consumer is more confused than ever.

Susan.  Actually, we've always had the "bottom feeders" around here.  I've never liked working with them.

Karen.  That's about the way it goes.  I also use the term "Money Pit".  It's very effective.