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19 Comments on Mesquite Nevada Foreclosures - Price Your Home Like a Bank Owned Foreclosure
I've been explaining to my sellers that if they really want to sell their house, they have to price it right. And these days that means pricing it to compete with the banks.
JL - yes, if they want to sell the home, they have to consider the foreclosure properties as direct competition - also, the banks are starting to offer incentives to buyers - they are starting to pay attention.
Virginia, it's great when sellers take into account the "real" marketplace and the competition they are up against. Glad you got them to price realistically. Very nice home with wood decking!!
Gary - Thanks - it is a beautiful home, looks like it was staged - these sellers are very realistic and know that all the buzz is about foreclosure properties - in Mesquite, like other areas.
Hi Virginia! Former high-end clients of mine are calling me wanting to find a foreclosure now and they want one DIRT cheap! Unfortunately for them, the ones that ARE dirt cheap are in areas that has alot of rentals, etc. Conversely, the sellers still want those 2006 prices when they truly do, as you pointed out, need to price them according to their competition. It's a vicious circle and if they want to SELL now, they need to play the game!
Debe, I know - I feel bad for the people who really need to sell, and it is tough being the one to dish out reality checks, but the fact is, if foreclosure listings are a better deal, people will buy them and spend some $ to fix them up if necessary.
It's amazing that there are Realtors here who not only take a listing for a property that is priced $50,000 higher than everything listed nearby, but they'll even price it $50,000 higher than the identical floor plan that sold a year ago, which is when they started "thinking about" selling it. Maybe if I were just a listing Realtor and not a service Realtor.
Hi Russel, many Realtors play the number game, the more listings the better - it is doing a huge disservice to the seller, who may end up in foreclosure himself if the property sits on the market and the payments are too much for him. Also it takes a lot of work to set up the internet ads and do the paperwork, real estate agents are wasting their own time, too.
Virginia,
This is why I am shy of taking listings now. I would have to tell the sellers exaclty what you say, that they need to price it like REO in order to be able to sell, and they are not happy hearing this.
Jon - this smart seller already knew what he needed to do to sell - get in tune with the foreclosure properties and offer an incentive to compete with new homes. It is tough being the messenger, isn't it?
It is very hard for sellers to compete in price with the foreclosures. Unfortunatley many are not able to bring the price down enough to be competitive due to how much that they still owe on their mortgages. Hence we are seeing multiple offers on the REOs and seller owned properties languishing on the market.
Pam, and worse, some sellers are being forced to try to short sale their property to get out before it is foreclosed upon - and short sales here are just not working out. It is so rough on them.
Virginia,
I also wanted to say that I liked the virtual tour. Nothing over the top, but clean, nice and pleasant.
Leaves good feeling and this is exactly what you want.
Jon - thank you, I like it, too. It is so easy to do with Real Estate Shows, everybody has been using them for a while now, I am glad I signed up.
I saw your blog posting about listing foreclosed properties. We offer a great tool to help you in competitive REO listings. www.foreclosurefeedback.com . The Asset manager's can login and see all of the feedback on their REO properties, see what you are doing to market them and print reports to document the need for price reductions. Call in to sign up instead of online and tell them Rick said to give you the first 90 days for free to try it out at 858-270-1055 ext 113. If your competition doesn't offer this, you will definitely have a leg up on them. Good Selling!
Rick
Rick - looks like a great tool, if I had more foreclosure listings, I would probably consider it. Thanks!
Good advice, Virginia. Thanks for pointing that out. So many people ask about the "cheap" foreclosures.
Yes, they do - foreclosures can be a very good deal for a buyer, but you must be careful - make sure your agent knows the market.
Just studying bank foreclosure listings, and realize how valuable current information is.
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