Secrets that Banks don't want Buyers, Realtor & the Government to know about Bank Owned & Short Sale Listings!

By
Real Estate Agent with RE/MAX of Valencia (Hall of Fame) 30 year Valencia Resident BRE# 01215778

Banks & Lenders represent over 50% of active listings and over 50% of closed sales. The types of sales include those know as REO, Bank Owned & Foreclosures as well as Short Sales.

There are many facts and factors that these Banks and lenders would prefer that the buyers, Realtors and even the Federal Government were not told. Unfortunately for them their dirty little secrets are now being revealed!

  1. Banks need to sell their inventory quickly so iif the home is priced right get out and see it right away.
  2. A buyer of a well priced home should make a strong legitimate offer and give the best offer right away.
  3. Banks will usually counter offer anything below full price probing but don't want to lose a good buyer.
  4. Banks and their representative have no emotional ties to the home or property so threats mean nothing.
  5. All cash buyers with verifiable funds have an enormous advantage over those needing financing.
  6. Low Ball Offers get little attention unless all cash or undesirable properties.
  7. Offers on Bank Owned or Short Sale Listings need to have loan approval from a direct lender with the FICO Scores included, proof of the funds needed to close escrow and a good faith deposit check.
  8. Bank Owned Homes will either be priced to sell right away or have a price reduction within 30 days. Each time the home hasn't sold with the reduced price it will continued to have a price reduction until sold.
  9. Listing Agents for Bank Owned Homes are graded by the Bank on their performance.
  10. The Listing Agent for Bank Owned Homes will most likely give true information regarding other offers on the homes since saying there are other offers might discourage a qualified buyer from making an offer.
  11. Buyers of Bank Owned or Short Sale Listings should have their own Realtor represent them.  A highly educated and knowledgeable local professional will be able to find out information the novice has the needed experience to ask.
  12. Bank Owned Homes are sold As-Is Condition, yet the Bank may negotiate to make repairs.
  13. The Bank may be willing to pay some of the buyers closing costs.
  14. Making an offer without an appraisal contingency puts the buyer in a stronger position to negotiate.
  15. The short the escrow the stronger the offer.
  16. The quicker the home inspection the stronger the offer.
  17. The shorter the contingency period the stronger the offer.
  18. Changing the terms of the contract after a deal has been made could and has terminated contracts.
  19. Banks frown upon a listing agent representing the buyer.  Doing this too ofter could hurt the agent.

& the Federal and State Government should know that Banks have unfairly give listing and made wealthy people of a very few number of Realtor and allowed highly professional, knowledgeable Realtors lose their jobs!                          (Short Sales follow most of these secrets as well!)

Find a Bank Owned/Foreclosure in Valencia, Stevenson Ranch, Saugus, Newhall, Canyon Country, Castiac or Santa Clarita, California

Find your new home in Valencia, Stevenson Ranch, the Santa Clarita Valley or Southern California

Sell your home with Tony Lewis RE/MAX of Valencia a CDPE Certified Distress Property Expert

Find a Labor Day Weekend Event, Festival, To Do, Place to Stay Santa Clarita, Los Angeles or So. California

Your Friend & Realtor,

Tony Lewis * RE/MAX of Valencia * www.TonyLewis.com * tonyglewis@yahoo.com * 661-702-4720

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Rainmaker
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Pamela Seley
West Coast Realty Division - Murrieta, CA
Residential Real Estate Agent serving SW RivCo CA

Tony, I often wonder how the banks choose many of their listing agents.

Aug 20, 2011 04:17 PM #1
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

Tony,

So where are those dirty tricks and/or secrets? I did not find anything I do not know, and I do not do REOs.

Calling others names and not prove (or even attemot to prove) anything is... (you can find what you like)

Aug 20, 2011 04:20 PM #2
Rainmaker
551,614
Tony Lewis
RE/MAX of Valencia (Hall of Fame) 30 year Valencia Resident - Valencia, CA
RE/MAX Valencia, Stevenson Ranch, Santa Clarita

John, this wasn't meant to educate most Realtor and was not meant to be antagonizing what so ever.  However, I do wish that Banks would, on their own or be forced by the government, to share the wealth.  It scares me that the 80/20 rule has been change to the 90/10 rule.  This meant that instead of 20 % of Realtor doing 80 % of the business with the banks help now 10 % of the Realtors will be doing 90 % of the business.  I would think this would be food for thought for you and our brother and sister Realtors..

Aug 20, 2011 04:29 PM #3
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

Tony,

I ran from the Socialist Soviet Union and now I hear same crap about sharing wealth. The good thing for you is that if you want to try how sharing wealth really works, you can go to Russia, or China, or, better, North Korea. The bad thing is that if you manage to do it here, I have nowhere to go (lol)

Aug 20, 2011 04:33 PM #4
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Christine Donovan
Donovan Blatt Realty - Costa Mesa, CA
Broker/Attorney 714-319-9751 DRE01267479 - Costa M

Tony - A lot of good tips though I find that most REO listing agents won't tell what the other offers are.

Aug 20, 2011 04:35 PM #5
Rainmaker
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Tony Lewis
RE/MAX of Valencia (Hall of Fame) 30 year Valencia Resident - Valencia, CA
RE/MAX Valencia, Stevenson Ranch, Santa Clarita

Jon, welcome to America where we have freedom of speech.

Aug 20, 2011 05:54 PM #6
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

Tony - this is where I absolutely agree with you... and thank you. There is a lot more that America gives, but please, avoid the plague of socialism, and you can trust me on this

Aug 20, 2011 07:01 PM #7
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Rainmaker
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Tony Lewis

RE/MAX Valencia, Stevenson Ranch, Santa Clarita
Home values are rising, want to know the value of your home?
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