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Another Bank Owned Property Closed Today!!!!

By Stacy Magid

Real Estate Agent with Century 21 New Millennium

December 13, 2007 12:17 PM

In Prince William County there are many homes on the market and the ones that are selling tend to be the Bank Owned Properties that are priced significantly lower than the rest of the other homes in the market.

Foreclosure Sign I had another closing today on one of my bank owned listings. This home had been on the market for almost a year when I got the listing and when speaking with the Asset Management Co. they made it clear that I needed to get it sold within the first month. Well after 35 days on the market and a significant price reduction it was sold. Not too bad.

Yesterday was supposed to be the big day (only 1 month after the original offer was submitted) but there was a slight delay due to the buyers financing. From the buyers agent, to the lender, to the title company, we all worked together to get everything set and closed on time. Even the builder came through and repaired a bunch of home inspection items all before the closing.

This experience goes to show that bank owned properties do sell and the whole process from offer to closing could actually happen in a short amount of time.

If you are looking to buy or sell a home in Prince William County, feel free to call or email me at any time.

Stacy Magid, Realtor

Coldwell Banker Elite

3600 Pointe Center Ct.

Suite 110

Dumfries, VA 22026

540-785-7443 (office)

703-599-5337 (cell)

Licensed in the Commonweath of Virginia

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Steve Glose

Keller Williams Legacy - Orlando, FL

TRC, CIPS, 407-616-7286, Orlando Real Estate, Orla

Stacy- congrats to the closing today. Any closing is a good closing.

Dec 13, 2007 12:27 PM

Michelle Way

AVALAR Pro Realty - Jackson, MS

ABR, GRI, WCR

Congrats on the closing in this market a check is a check....

Dec 13, 2007 12:28 PM

Kevin McGrath

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

Long & Foster Real Estate Companies

Great news. I (knock on lots of wood) have one scheduled to close today.

Happy holidays.

Dec 13, 2007 11:13 PM

DDR Realty

DDR Realty - Newburgh, NY

Orange County NY

Congratulations to you. Selling bank owned properties may require a bit more time and effort but when all involved work towards achieving the goal the results can be rewarding.

Dec 13, 2007 11:19 PM

Stacy Magid

Century 21 New Millennium - Woodbridge, VA

Kevin, The best of luck to you today with your closing.

Derrick, It's definitely rewarding when anything sells these days.

Steve, Thanks

Michelle, Thanks

Dec 13, 2007 11:29 PM

Sally Zatkoff

Berkshire Hathaway Home Services PenFed Realty - Fairfax, VA

Making a Difference

Are you havving any problems getting paid. I uderstand that some banks are offering $1 as compensation and the remainder to be paid after settlement "if" it can be paid. There have been some agents that have had to fight for compensation and most have to take less than 3% and somtimes it is a lot more work toget the deal done.

Dec 14, 2007 12:36 AM

Sally, The Asset Management company handled all the utility expenses and dewinterization so I didn't have many out of pocket expenses. My only expenses for this home was the HOA docs and getting the home dewinterized since work had to be done and water was needed. They have a 30-45 day window on getting paid for invoices.

As far as commission it was 3% for buyers agent and 3% on the listing side plus a 25% referral fee. That was all paid at closing.

Dec 14, 2007 12:39 AM

Melanie Ross

Coldwell Banker Solano Pacific - Benicia, CA

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

Congratulations!! We have several coming on the market and we want SELL, SELL these. The prices so far are not too unrealistic. We will see.

Dec 15, 2007 04:01 AM

Patricia Kennedy

RLAH@properties - Washington, DC

Home in the Capital

Stacy, I've shown a couple of bank owned properties up here that need the help of a listing agent like you! Both had signs in the ground, MRIS posts, and agents who didn't bother to come take a look. And one badly needed and exorcism. Yikes!

Dec 16, 2007 12:51 AM

Melanie, Good luck with them.

Patricia, Thanks for the compliment. I have a new one that is going to be a very tough sale but the asset management co. is very realistic and the bank is on the same page so hopefully the right price will bring an offer in.

Dec 16, 2007 01:50 AM

Gary Woltal

Keller Williams Realty - Flower Mound, TX

Assoc. Broker Realtor SFR Dallas Ft. Worth

Stacy, well done on moving that bank owned property so fast. I have heard northern VA did have a lot of distressed properties so its good you moved one along to closing.

Dec 20, 2007 10:24 AM

Gary, Thanks The Asset Manager that I have been working with has been awesome. I had been on tbhe buying side before and things took weeks but being on the other end gave me a whole different perspective. There are many bad foreclosures but a few of the ones that I have are gorgeous and hardly lived in

Dec 20, 2007 11:56 AM

Another Bank Owned Property Closed Today!!!!

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