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Buyers don’t say banks don’t have a heart

Are in the market for a home that is either in a short sale situation or is already owned by the bank? Don't think just because the home is in this type of situation that they can't be human and get the bank to give you the home over other offers.

When I negotiate for a buyer for a home that is either a short sale or a bank owned property, I have my buyers put in a letter telling the bank about themselves and why they really want the home.

You know what happens when I do this? The bank actually shows they care and even if our offer isn't the best, we've won out over investors. You see, sometimes the banks are not actually holding the note on the home they are just servicing the note for an investor. They'll send the offers to the investor and every once in awhile they show heart and let my buyers have the home.

Right now, I'm negotiating for a foster care home. I have found out that there are special grants for homes bought for this purpose and that the investor may get a special tax break for selling it to a foster care facility. My clients knew about this little law and wrote a letter to the bank and guess what, it looks like our offer has been accepted despite being over $100,000 less than what is owed the bank.

So, buyers don't forget your letter about you and your situation. Maybe, just maybe, it will get you that home that you thought was out of your price range for an amazing price. If you are in the market for a home in the Washington County area of Oregon, please don't hesitate to call me and I will help you find the best deal possible, be it a short sale, foreclosure, or just a home that has to be sold yesterday.

Todd Clark - broker
Kastings & Associates
Phone: (503)524-9494
Fax: (503)622-8739

Photo courtesy of andreyutzu

Posted by Todd Clark (Broker) (503)524-9494 (Beaverton, Oregon Real Estate Expert) on 10/01/2008 10:04 AM

Comments (13)

Short Sales / Foreclosures in the Home Buying Channel

short sales, reo, bank owned, buying, letter, negotiations, help, heart, inspiration

Originally posted at: Living Beaverton - Your guide to everything Beaverton: Buyers don’t say banks don’t have a heart

This post has been included in Oregon Information Washington County, OR Information Tigard, OR Information
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13 Comments on Buyers don’t say banks don’t have a heart

OCT

2008

Todd

Having a letter with the Offer shows everyone the human side, and that you go that extra mile for people.

Sincerely

Tom Braatz

Todd, I've had positive and negative responses from agents in the past... How do the listing agents respond?

Tom - Everyone is different, but it certainly can't hurt!

Debbie - I've had some agents who hate it, but on those kind of agents I make it an addendum so I know the seller actually got the letter. I also try to personally present my offers and the lazy agents who want to stay home and e-mail the offers to their clients hate that also. OH, WELL! Last I checked this was a business that required human interaction.

Todd - this is a reminder to me to keep the human element alive even with bank owned property. I used to do this a lot then the bank owned properties glutted the market and dealing with them can give one a sense of no humanity but this proves they can still be an affect.

Todd,

Great idea. Thanks for sharing.

TC,

Again, another positive wrinkle in real estate marketing by a true professional!!! Thanks, Fran

Yeah, keeping an eye out is important, as is always trying. Thanks for the great post:)

OCT

2008

Some good eye opening ideas here Todd. I think you're right. As servicers, they're just doing what their contracts call for. Good info in tough times.

Todd - I do use buyer letters, but never thought of using one with a bank owned home. Of course, why not? There is a person there behind the computer and phone - I am awarding you the "think out of the box award."

OCT

2008

Judy - I think we need to bring back the human element to short sales or REO or it will just become another reason for people to complain about Realtors. I'm already starting to see it here in Portland with agents that list these properties not calling leads or other agents back.

Fran - Tell me if it works in your neck of the woods, I don't know why it wouldn't but you never know.

Fran - Thanks, that means a lot. I just think we need to make this a human business again instead of a numbers game. So many of my successful investors have taken this attitude and they are still going strong even as the market went sour.

DJ - I always keep an eye out for my clients, it is their biggest investment.

Larry - I don't think people think that there are humans at the banks anymore, but I've seen families win out over investors twice in the last 3 months and the investors offers were better!

Virginia - Thanks! Why not, it isn't a computer deciding, it is a bank individual and I'm starting to think the banks are blaming the investors for some of the mess we are in right now and starting to back lash against them.

Todd - A house sold this week at a type of casual auction - Some guys bought up some foreclosures in bulk and then held their own auctions, one by one. I spoke to them about one house - they were rooting for a young couple and were thrilled when they won.

Not a bank, but a group of investors who are flipping foreclosures - they had a heart!

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