A funny thing is happening at my company. Buyers who are calling to look at properties are now clearly stating to me that they don't want to look at any foreclosures. Period. A year ago many of my buyers did in fact consider such properties, but the tone has changed. Have recent news reports of robo-signing and faulty paperwork chilled the market so much that buyers won't even consider looking at a foreclosed property? My experience the past week tells me yes. I know there are still investors and other buyers who are looking for great deals. But many simply will not risk getting a great deal today only to end up in a title dispute down the road. Sellers on the fence should hurry-up and put their properties on the market. Now would be a great time to do it!
Melissa, I hear the same thing. The Bank and Attorney Fraud Crisis has put "The Fear" into Investors and Buyers.
For those Sellers who are not in foreclosure - this is a great opportunity; they should take advantage of it. I know of a neighborhood with 7 houses for sale. The 5 REOs got "pulled off the market". The other 2 Active Sellers should be Staging, Re-Pricing, doing everything possible before the 5 return to the market.
A lot of buyers making knee-jerk reactions to headlines. Until the dust settles, show them some standard sales.
Melissa,
Being in new home sales and loosing many sale over the last few years to foreclosures and short sales due to prospects looking for the GREAT DEAL your statement is music to my ears. If only more agents out there would realized that builders who are still in business now a days had to adjust the prices to compete with those so called "GREAT DEALS". In the end, doing an arms length transaction is much better than REOs and SS out there.
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