What are you experiencing in this foreclosure market?

By
Real Estate Agent with Stone Mountain Realty and Building Co.

Alright, I can honestly say that I have been focusing on our new healthy built home more than keeping up with my blogging on Active Rain.  My last 2 sales have been foreclosures and I have to admit that it has not been fun. I have learned alot and have successfully made it to closing which if it weren't for my building expertise, probaly wouldn't have happened.   I have experienced delayed communication responses,  lack of knowledge, major faux paus and I wonder if anyone else sees this? 

 

I love what I do and I see that we are now just barely hanging in there in our field.  For all the agents that know what they are doing and taking the extra time and are results driven, Hang in there! There are definately going to be more foreclosures,  I just hope that the banks can keep up with this and hire professionals that know the market and what it takes to sell a home right now.

Comments (6)

Daniel J. Hunter
REALTOR® - New Port Richey, FL

here in the tampa area that I work

most homes for sale are NOT distressed

most homes under contract are distressed, but

most homes that close are NOT distressed

May 12, 2010 02:23 PM
Sara Woolford & Steve Golson, ALHS
iTexas Realty Co. - San Antonio, TX

Hi Cheri-

We don't have excessive inventory of foreclosure homes, but our office has some under contract now.  Better foreclosure sales than short sales - but only marginally so.

--Sara

May 12, 2010 02:25 PM
Cameron Wilson
Labrum Real Estate - Murrieta, CA
The Short Guy - Murrieta,Temecula,Menifee Californ

Foreclosures are a different breed and it takes knowledgeable listing and selling agents to make them work. The Asset Managers are handling a huge number of files and are overworked.

May 12, 2010 02:31 PM
Cheri Swigart
Stone Mountain Realty and Building Co. - Asheville, NC

I agree that the banks are overwhelmed and because of that, a lot is slipping through the cracks that they are not aware of.

May 12, 2010 02:39 PM
Daniel J. Hunter
REALTOR® - New Port Richey, FL

I am not cutting the banks any slack.  They have the experience.  This market condition has been in effect long enough to have hired and trained enough people to process SS/Foreclosures.

Banks too big to fail need to be broken up yesterday

No benefit outweighs the Risk they represent

May 12, 2010 03:06 PM
Pam Dent
Gayle Harvey Real Estate, Inc. - Charlottesville, VA
REALTOR® - Charlottesville Virginia Homes / Horse

Hi Cheri - About 1/3 of my sales last year were foreclosures.  they are always interesting and it definatley helps to have experience.  In one the asset manager sent our attorney the documents for the wrong house a day before closing.  In another the bank's attorney couldn't find the title that they had to have had to foreclose on the property in the first place.  He finally found it at the last minute.  So be ready for anything.

Jan 28, 2011 12:39 PM