Not a foreclosure!!!  This phrase is now appearing often in agent remarks on listings that are priced well and are not a foreclosure.  I think it is helpful to have this in notes.  However, I was searching through listings last night and was very amused at how much this phrase is being over used.

For example in Ramsey, MN homes that are bank owned and built in the 70's and 80's are probably hitting prices at or below $150,000.  I was searching up to $250,000 on a search for someone and on about 5 listings over $225,000 the notes had NOT A FORECLOSURE OR SHORT SALE!

No kidding!  Its only priced $30,000- $40,000 dollars high.  Probably means it WILL BE A FORECLOSURE OR SHORT SALE SOON!

So agents I appreciate the note, but only use it when the home is actually priced were it justifies that phrase.  Oh wait!  Actually I need to laugh more so keep doing what you're doing!

 

 

 

 


 

Chuck Carstensen is a Realtor with The Discovery Team (RE/MAX Results.) in Elk River, MN.  Helping buyers, sellers and investors in great Minnesota counties like Sherburne, Isanti, Wright, Anoka, Chisago, Hennipen and Mille Lacs. He is a Certified Distressed Property Expert (CDPE).

Contact Chuck by emailing him at chuck@thediscoveryteam.com or by phone at 763-635-7228. 

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8 Comments on NOT A FORECLOSURE!!!

APR
29
2008

Chuck, Great point!

About 1/2 of my 15 listings are price at market value and I don't use this phrase, but the other 1/2 all get "NOT A SHORT SALE OR REO" at the begining of my description.  I do think that it helps to drive more showings to them.

 

 
1:59pm • #1
558,961 Points Localism Sponsor Outside Blog
Chuck - Too bad about the one house being overpriced, I am finding that I have buyers who don't want the hassles of a foreclosure or a short sale, so I am glad to see those wordsl
2:14pm • #2
112,531 Points
Hi Chuck, we have many Foreclosures and Short Sales in our market as well. "Not a Foreclosure or Short Sale" has also been added as a note to lots of our listings.  In defense of including that comment, regardless of price, some Buyers have stated their interest in NOT placing an Offer on a Short Sale or Foreclosure and, as such, do not want to spend their time viewing them.  I have found that to be the case with Buyers who have a very short and specific timeframe and do not want their Offer to be one of many that's waiting for a response from the Lender.  In many cases, we are seeing multiple offers submitted by various Buyers on the same property and all are waiting very extended periods of time for a response while their Escrow Deposit is being held.   When Agents call for showings, many are asking if the Listing is a Short Sale or not, so I've found that it's helpful to just add the comment in the Broker's Remarks area (I've done it for mine and none of them are Short Sale or Foreclosure listings or headed that way).
2:26pm • #3
Who'da thunk that we'd actually see a market where being a traditional resale would be considered a selling point!  I heard that 2.4% of homes nationally are currently sitting vacant.... pretty scary that foreclosures have so permeated our culture.
3:45pm • #4
Hey Chuck! I agree with you. I don't think I have seen this phrase yet in the Texas market in advertising or MLS. I do hear the question from a lot of realtors even when the house is price right! DUH! They must not know the market....
4:45pm • #5
653,568 Points 9 Featured Posts Outside Blog Called Shot Master
There are some good points above about pointing out that the home is NOT A FORCLOSURE OR SHORT SALE because some buyers don't want to deal with them.  So thanks for mentioning that.
9:11pm • #6
549,274 Points 15 Featured Posts Outside Blog Called Shot Master

Chuck - I have a buyer currently that doesn't want the hassle of short sales so I appreciate the verbage, but I laughed when I ran into one last week that said subject to third party approval.... what is that? Ends up - it to is a short sale but the sellers didn't want to divulge.

 
10:02pm • #7
MAY
01
2008
561,411 Points 12 Featured Posts Localism Sponsor Outside Blog Hit Router Called Shot Master

I have been looking for a way to search the MLS just for REOs.  Hey! I think I will give them a call and ask and also suggest that they seperate out REO in the search feature so that we can see true to listings what is going on. 

I believe if it is a foreclosure it should state in clear remarks and if it is not it should say that too, but if it is - don't say it is not.  If it is about to become, disclose it.
10:42pm • #8


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Chuck Carstensen

Elk River, MN

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RE/MAX Results

Address: 650 Dodge Avenue, Elk River, MN, 55330

Office Phone: (763) 635-7228

Cell Phone: (612) 290-3809

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I help buyers, sellers and investors with their real estate needs. In this blog I post my listings and give real estate, social media and personal development tips. I enjoy giving people tips, suggestions and hints that can improve their business and life.




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