bank owned properties: An Open Letter to Distressed Home Owners
- 07/19/08 09:24 AM
Dear Mr. & Mrs. Distessed Home Owner: You are no doubt facing a financial crisis. Your home is being foreclosed and you are angry. In your anger, don't make the situation worse. When you bought your brand new home in Prince William County, it came with a stove, refrigerator and most likely, a microwave. When the bank gives you cash for keys, they expect the appliances that you received with the house to be left in the home. Sure, the washer and dryer that you had to go out and buy are yours to take. No one would expect you to leave … (16 comments)
bank owned properties: Bank Sales and HOAs
- 06/04/08 10:45 AM
More and more REO (bank owned) properties are showing up in Prince William County, and the entire Northern Virginia area. I believe that there are 7,000 homes in Prince William County in various stages of foreclose. Be aware, once the bank takes possession of the home, you as the potential home buyer, still have the right to a resale package from the HOA (Home Owners Association). A resale package is commonly known as the rules and regulations of the HOA. And even though it is package that was intended to be given to the potential buyer, from the seller, the banks … (3 comments)
bank owned properties: A Bad Argument to Make with a Counter Offer
- 05/10/08 04:48 AM
So I presented a lowball offer on a property I have listed that is priced according to current market conditions. It doesn't bother me. And I prepared my seller for it with a simple statement, "If you wanted to make an offer on a house, would you start with full price offer?" In a slow market, the property had only been on the market for a little over a week before this "show stopper" came across my desk. Not surprising. It's amazing what can happen when your client prices their home correctly. So my client and I leafed through the offer. I … (4 comments)
bank owned properties: Landlords Who Take the Money and Run
- 03/22/08 10:04 AM
As if we didn't already have enough to think about. When we go on listing presentations for a sale, we have to determine if the sale might end up being a short sale. When we take buyers into ambiguously listed properties we have to inquire, "Is this a short sale or a bank-owned property?" The entire landscape of buying and selling is changing. People who destroy their homes when facing foreclosure, to spite the bank, were just the beginning. Now there's an entirely new type of unethical behaviour. Enter the landlords who victimize tenants. Yes, some of those investors who would … (11 comments)
bank owned properties: Great Buyer Reactions!!
- 02/22/08 08:41 AM
In my three years selling homes, I had never gotten that one buyer that had a reaction I will never forget....that was...until today. It began with a negotiation that had my buyer and I on the edge of our seats. An additional offer came in at the last minute, just when we had verbally accepted an offer from the Bank (Bank Owned Property...of course). Suddenly it was a new playing field. Start over. Highest and best offer. And at zero-dark-thirty last night, "The bank won't except an escalation clause. We need your absolute best offer." What a nail biter. She won the negotiations … (2 comments)
Dear Mr. & Mrs. Distessed Home Owner:
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