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Not all Foreclosures Take Forever to Get Ratified

By Stacy Magid

Real Estate Agent with Century 21 New Millennium

November 26, 2007 10:13 AM

Recently I started listing foreclosure properties. I had one on the market for about a month and received a major price reduction. I actually blogged about it previously. Well immediately after the bank agreed to lower the price we received an offer. WooHoo. Now my past experience with foreclosures is to expect it take take a bit of time, maybe a few days to a week before you hear back regarding an offer. Calendar

Well here's how this home sale went:

I received an offer one day and by that evening I had a counter-offer from the bank on the buyers offer. A weekend passed and on that Monday I received acceptance from the buyer on the counter. That evening I received an Acceptance from the Asset Management Co. on the offer. The only thing we are waiting for is the signed contract from the bank. Just a short delay due to the Thanksgiving holiday.

Not all foreclosures take forever to get ratified. This is only one of those examples.

If you are interested in buying a home in Prince William County call Stacy Magid and we can get started.

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Derik Tutt

InstaSure Financial - Covington, GA

Cool success story. How did you get into listing the foreclosures?

Nov 26, 2007 10:34 AM

Terry Rasner-Yacenda

Broker,Owner - Dreams Realty - Reno, NV

"Dreams Realty"

Hi Stacy -- rah rah; I've had the same experience, and now experiences, with foreclosed, REOs that were priced too high by the bank in the first place. I don't blame the banks or asset management companies for trying to make something on their investment gone sour, but once the price was lowered, I received offers that led to rapid sales. I love banks who assign me properties! I'm even fonder of sales prices that match my BPO recommendations! I think we're all getting smarter about good prices and fair offers!

Nov 26, 2007 10:36 AM

Stacy Magid

Century 21 New Millennium - Woodbridge, VA

Deirk, I signed up with some Asset Management companies that provide listings if you have done BPO's for them. Not all Asset Managementcompanies are created equal. The REO and Broker Price Opinion board have some great information for getting into this type of business.

Nov 26, 2007 10:41 AM

Terry, Its all about the right price. The home that I listed was on the market with other agents for almost a year. I pushed for the reduction and what do you know I got an offer right away. Actually we got multiple offers afterward.

Nov 26, 2007 10:43 AM

Patricia Kennedy

RLAH@properties - Washington, DC

Home in the Capital

Well, clearly the bank got the right agent on the listing side of the deal. Somehow, I think you had something to do with the speedy answer. Like, you might have educated them a bit? Good work!

Nov 26, 2007 11:14 AM

Patricia, Thanks so much for the compliment. Sure hope the bank will provide me with some more listings.

Nov 26, 2007 11:17 AM

Melanie Ross

Coldwell Banker Solano Pacific - Benicia, CA

Benicia CA & Vallejo CA Real Estate, 707-319-2828

You go Stacy!! That is good news.

Nov 26, 2007 12:28 PM

Vincent McKamy

Samson Properties - Fredericksburg, VA

Realtor Fredericksburg Virginia

Nice posting Stacy,

I just responded to Kevin McGraths posting about this same issue - I believe the banks are ramping up for this influx of business and I believe by years end they should have this working like clock work.

Thanks

Nov 26, 2007 10:50 PM

Kevin McGrath

Long & Foster Real Estate Companies- Fredericksburg/Spotsylvania - Fredericksburg, VA

Long & Foster Real Estate Companies

I have the same experience - I get answers from my Asset Management Company quickly - usually in the same day - next day at the latest.

Nov 27, 2007 12:01 AM

Dan Forbes

Bradenton, FL

It's good to hear that banks are getting serious and responding in a timely way. Way to go.

Nov 27, 2007 12:59 AM

Not all Foreclosures Take Forever to Get Ratified

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