- Don't ignore homes with 1 or no photo. Poorly marketed homes get seen less, and therefore sell for less. (see my Buyers! Photoless Listings= $15,000 "Sale")
- 13 page Bank Addendums, how one sided they are.
- How much the property was previously purchased for, what it listed for, the price drop etc.
- The condition of this already foreclosed home. Several families lived in this one home.
- How she negotiated and beat out 3 other offers (after a drastic price drop).
Nice video and great to prepare folks for what they are getting in to with a foreclosure. However the settlemnt attorney should have known better than to suggest any changes to the banks addendum. I just had a realtor in No VA try to change every paragraph in the addendum on an REO and her offer was rejected outright.
There are too many agents who don't bother to listen when I explain how the banks deal with the offers and then are surprised at every turn. For example I make sure and tell the agent that unlike a resale in No VA their clients will not get the keys at closing, the bank requires the funds to be disbursed and the deed recorded first.
Nigel
Great post .. thanks for sharing.
Your comments are right-on regarding photos ... poorly marketed properties are a great source for a good deal.
Frank,
I love the blog and your take on things. Any comment on Harriet's blog at http://novabubblefallout.blogspot.com/? The number of 40% off homes has really gone up lately, and today's listing at 63.5% off was a jaw dropper. I'm still on the sidelines as a buyer, but when I'm ready to get serious, the strength of your blog has put your agency on my shortlist. Thanks for the posts.
2005: $780K. 2007: $615K + $10K.
20% off the '05 sale price is an OK deal but not anything I would leap at. I see Arlington prices dropping another 20% before they turn upward. That house will be worth approx $500K in 1-2 years.
Hey Browser,
I love Harriet's blog. I post comments on it frequently. Have you signed up for my blog over at Blog.FranklyRealty.com I would especially recommend the blog on Market Timing.
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