Today I had an unusual opportunity to speak with an investor who has had an investment- gone-bad listed for over one year. It came close to being sold at Trustee's Sale this month. Just in the nick of time, an offer came through and the Trustee's Sale was postponed to next month. Unfortunately, the buyer just backed out.
The reason I was speaking directly to the seller was because the listing agent seems to have disappeared (temporarily I hope). The office phone number is no longer working and the cell phone number is not accepting any calls nor does it have voice mail. Fortunately, the owner is also a broker so I felt safe in contacting him directly for information.
I was calling with some pretty normal questions about the property and to check to see if it made sense for the buyers I'm representing to make an offer. When I asked if there had been any offers, the seller said, "Yes, there had been seven offers so far." He went on to say that, "There were only two that we took seriously and presented to the bank. The rest were ‘bottom-feeders' just scavenging to see what they could get. Frankly, I'd rather let the bank foreclose than to deal with that type (of buyer)."
Ouch. I found his response interesting because this was a seasoned investor who had purchased the property as an investment. His reaction was one that I might expect from someone selling their personal residence. But generally speaking investors tend to take things less personally and just see it as a business transaction.
I thought it was an interesting opportunity to hear this investor's opinion of people who make numerous ridiculously low offers. In this case, they were not even countered they immediately hit the shredder because in the investor's opinion they were not even worthy of being presented to the bank for review.
The price of a property whether being set by the seller or by the buyer in making an offer needs to be supported by facts. Market trends, recent sales, pending sales, property condition, and current demand for similar properties are just a few of the factors that need to be considered. Property prices should never be picked out of thin air or based on feeling whether you are the buyer or the seller.
If you are a buyer who is looking for a "good deal" I'm happy to assist you in making an offer that will be low enough to make it a good deal for you and high enough that it will be taken seriously by the seller...and the bank in the case of a short sale. If you are considering buying or selling a home or condo, it's my pleasure to provide my clients with information to assist them in making informed decisions when contemplating buying and selling homes in Orange County, California. If you have questions and would like some honest answers or need more resources, please give me a call, text me or email me.
Marlene Bridges, REALTOR®
800 777-1775 - Toll Free ~ or ~ Text Me 714 745-2592
SRES - Seniors Real Estate Specialist®
CRS-Certified Residential Specialist®
President - Laguna Hills/Laguna Woods Chamber of Commerce 2007-2009
President Elect - Southern California Chapter Certified Residential Specialists® 2008 - 2009
Marlene is a highly experienced and respected South Orange County CA REALTOR® specializing in residential Real Estate and the sale of Homes and Condos in South Orange County, California and Saddleback Valley cities of: Laguna Woods, Laguna Hills, Laguna Niguel, Laguna Beach, Rancho Santa Margarita, Lake Forest, Dana Point, San Juan Capistrano, San Clemente, Aliso Viejo, Mission Viejo.