I know.  Foresclosures and short sales are the rage.  Recent numbers report 40% of the volume in some markets.

But if I wanted to sell a home, I wouldn't let foreclosures affect my plans...

You can still sell in this market.

I see many homes under foreclosure.  Buyers are always interested in taking a look. 

The average foreclosed home is a mess.  Holes in walls.  Cabinets and woodwork torn out.  Appliances gone.  Waterstained ceilings.  Smelly. 

But that is only half the equation...

They just aren't that cheap, either.  They aren't.  The banks aren't giving them away.

They are often priced a bit lower than the typical home in the market.  Perhaps 10%. 

But because of the repairs and headaches, most buyers eventually go in another direction.  They just don't want to do the work.

So if you are thinking about putting your home on the market, don't let the foreclosures scare you.

The competition might not be as stiff as you think.

Ken

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10 Comments on REAL ESTATE MYTH #3: "WITH SO MANY FORECLOSURES ON THE MARKET, MY HOME WILL NEVER SELL."

OCT
08
2008
Localism Sponsor

I agree the foreclosure market and banks are so unpredictable that a conventional listing with a good agent has a better chance of selling these days
7:31pm • #1
118,882 Points 3 Featured Posts Localism Sponsor Attended Rain Camp

I agree!! The price is inviting but the house isn't!!
7:31pm • #2
381,187 Points 2 Featured Posts Outside Blog Attended Rain Camp

No doubt be wary of any foreclosure.  After all who you going to come back at when something doesn't work.
7:47pm • #3
446,419 Points 26 Featured Posts Outside Blog

Hi James, Marie, and John.  Thanks for reading.

Buyers are always intitially curious, but it fades. 

Thanks again,

Ken
7:54pm • #4
272,065 Points 3 Featured Posts Hit Router

Dealing with a bank can be frustrating too...sometimes it's worth a little more to buy a home in better shape, not get into a "bidding war" on 'cheap' home with an unresponsive bank!

 
9:28pm • #5
OCT
09
2008
139,351 Points 1 Featured Post Outside Blog

Morning Ken,

These principles really apply to our market. Most buyers here want turn key closings. Thankfully we don't have many foreclosures or short sales to muddy the already muddy waters.
5:34am • #6
629,905 Points 18 Featured Posts Localism Sponsor Outside Blog Called Shot Master

Ken,

I think, IMHO, that you are talking about tow different products when talking about foreclosures and resale properties.  More often than not with two different buyers.  I agree with you tho, sellers should not let the number of foreclosures affect their decision to list and sell their home.
6:50am • #7
446,419 Points 26 Featured Posts Outside Blog

Hi Ron, Hal, and Don.  Thanks for reading.

"Dealing with a bank can be frustrating too...sometimes it's worth a little more to buy a home in better shape, not get into a "bidding war" on 'cheap' home with an unresponsive bank!"

So true Ron.  The process makes us (the buyers agents) look helpless.  I warn my bidders, but the process for bidding is so screwed up.

Thanks again guys,

Ken
7:57am • #8
135,259 Points 3 Featured Posts

Ken- You have brought up a valid point. Many homes in foreclosure or close to it are in poor repair and buyers will need to invest a fair amount of money and labor to bring the bargain priced home up to the value of the well priced well marketed well maintained home. We need to make sure our clients know this and are aware how this will affect them.

Best,

Scott
4:54pm • #9
446,419 Points 26 Featured Posts Outside Blog

Hi Scott.  Thanks.

Ken
6:27pm • #10

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Ken Tracy Naperville Illinois Real Estate

Naperville, IL

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