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Don't Be Greedy...

...thats what got us here in the first place. Lee County ranks at the top of the country when it comes to foreclosures. In 2004-05, people were buying property left and right with ARM's and taking out equity to buy more. Now people are stuck trying to short sell their property's usually failing and going into the forclosure process. Thats good news for long term investors and first time home buyers. However I still don't think buyers get it. They see a short sale or forclosure for 200k and want to offer 125k."I'm looking for a good deal" they say. HELLO?! that house sold for 400k 3 years ago and you still don't think your getting a good deal? Banks that own property are not "giving property away". They are selling them at market value. Enjoy it while it lasts and if you haven't bought something this year, you may be sorry. These are the best prices we have seen in years so stop low balling and jump on the buyers market bandwagon.

-Wade Ellis

Posted by Wade Ellis on 05/09/2008 10:55 AM

Comments (7)

7 Comments on Don't Be Greedy...

Hi Wade,

Good post, but do you think anyone is going to listen? Yes they will some times. I had a buyer who was looking for a short sale to buy , in the areas that is is not a foreclosure area and also they ask fo the most at the least and with this prices yes, they are still complaining. So I rreally made him think clear and straight. I sild him a nice house.

05/09/2008 11:27 AM

by Sharona Hannuka (Du Rite Realty, Co.)

Welcome to ActiveRain!

If you would like a few tips on getting the most out of ActiveRain, please visit my blog Welcome to Active Rain. It has a few simple steps of what to do now that you have joined.

If you ever have any questions, just let me know.

Troy Trumm

05/09/2008 12:52 PM

by Omaha Real Estate Troy Trumm - The Trumm Team (Alliance Real Estate)

Wade,

Powerful advice! I agree!

Welcome to Active Rain!

05/09/2008 09:22 PM

by Kirk Westervelt - Greenville, SC Realtor (Keller Williams)

Hello Wade,

Welcome to Active Rain and congrats on your first post! The opportunities to learn and network are incredible here. Best of luck to ya!

-Keith

05/09/2008 11:47 PM

by Keith Elliott Jr -"Prince William County Real Estate Expert" (RE/MAX Olympic Realty)

Welcome to the Rain, make sure that you browse the site and become familiar with everything this site has to offer. The more you browse the more you will learn. I have found this site to be really helpful to me. If you have any questions, please don't hesitate to email me, I will do whatever I can to help.

http://www.Doreneshirley.com

05/10/2008 09:18 AM

by The Mortgage & Property Connection

I see that you are new to Active Rain and I just wanted to welcome you.

I hope that you enjoy it as much as I do and that you find it a great resource

05/11/2008 12:31 PM

by Peg Gilliland - GRI, REALTOR® (RE/MAX Assured Properties)

Hi Wade - welcome to A/R! I'm a newbie too!
Great post and I completely agree with you - your argument is my beef too!

I just moved from WaMu Home Loans over to Wells Fargo Home Mortgage and am now able to offer FHA.
What do you think of offering a temporary buydown on your properties with your seller to help preserve the price? "Free 1% off the rate on this house" as a sign out front. Now this house stands out from the rest on the block and offers an incentive right off the bat - hopefully distracting buyers from trying to low-ball the price.
Have you had any experience with offering a buydown on the rate versus just reducing the price to get it to sell?
I could be totally bananas - but the concept seems attractive to me - I just haven't had it play out in real life (yet).

I'm in St Lucie County which is pretty bad in the South Florida market on the east coast. Fort Myers is where all my relatives are - and I've spent a lot of time over there growing up. I don't think I'd trade the Atlantic for the Gulf, though ;)

05/12/2008 08:24 AM

by Sarah Taylor (Wells Fargo Home Mortgage)

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