NOT A FORECLOSURE!!!

By
Real Estate Agent with RE/MAX Results 20344949

Not a foreclosure!!!  This phrase is now appearing often in agent remarks on listings that are priced well and are not a foreclosure.  I think it is helpful to have this in notes.  However, I was searching through listings last night and was very amused at how much this phrase is being over used.

For example in Ramsey, MN homes that are bank owned and built in the 70's and 80's are probably hitting prices at or below $150,000.  I was searching up to $250,000 on a search for someone and on about 5 listings over $225,000 the notes had NOT A FORECLOSURE OR SHORT SALE!

No kidding!  Its only priced $30,000- $40,000 dollars high.  Probably means it WILL BE A FORECLOSURE OR SHORT SALE SOON!

So agents I appreciate the note, but only use it when the home is actually priced were it justifies that phrase.  Oh wait!  Actually I need to laugh more so keep doing what you're doing!

Posted by

 

 

 

 

 

 

Chuck Carstensen is a Realtor with RE/MAX Results in Elk River and Cambridge, MN.  Helping buyers, sellers and investors in great Minnesota counties like Sherburne, Isanti, Wright, Anoka, Chisago, Hennipen and Mille Lacs. He is a Certified Distressed Property Expert (CDPE).

Contact Chuck by emailing him at chuck.carstensen@results.net or by phone at 612-290-3809. 

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Groups:
Minnesota Real Estate Investor Group
Minnesota's Nice :)
Minnesota Realtor
Elk River and Beyond!
Moving to Minnesota
Tags:
foreclosures
pricing
short sales
mn
ramsey

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
66,590
John Karadsheh
KOR Properties - Mesa, AZ
ABR, CRS - REALTOR - Mesa, Arizona - Las Sendas

Chuck, Great point!

About 1/2 of my 15 listings are price at market value and I don't use this phrase, but the other 1/2 all get "NOT A SHORT SALE OR REO" at the begining of my description.  I do think that it helps to drive more showings to them.

 

 

Apr 29, 2008 06:59 AM #1
Rainmaker
567,772
Pam Joffe
Solaris Realty - Tampa, FL
Chuck - Too bad about the one house being overpriced, I am finding that I have buyers who don't want the hassles of a foreclosure or a short sale, so I am glad to see those wordsl
Apr 29, 2008 07:14 AM #2
Rainmaker
121,400
Vickie Arcuri
ONE Sotheby's International Realty - Fort Lauderdale, FL
South Florida Luxury Real Estate
Hi Chuck, we have many Foreclosures and Short Sales in our market as well. "Not a Foreclosure or Short Sale" has also been added as a note to lots of our listings.  In defense of including that comment, regardless of price, some Buyers have stated their interest in NOT placing an Offer on a Short Sale or Foreclosure and, as such, do not want to spend their time viewing them.  I have found that to be the case with Buyers who have a very short and specific timeframe and do not want their Offer to be one of many that's waiting for a response from the Lender.  In many cases, we are seeing multiple offers submitted by various Buyers on the same property and all are waiting very extended periods of time for a response while their Escrow Deposit is being held.   When Agents call for showings, many are asking if the Listing is a Short Sale or not, so I've found that it's helpful to just add the comment in the Broker's Remarks area (I've done it for mine and none of them are Short Sale or Foreclosure listings or headed that way).
Apr 29, 2008 07:26 AM #3
Rainer
5,347
Marsha Benya
Century 21 New Millennium - La Plata, MD
Who'da thunk that we'd actually see a market where being a traditional resale would be considered a selling point!  I heard that 2.4% of homes nationally are currently sitting vacant.... pretty scary that foreclosures have so permeated our culture.
Apr 29, 2008 08:45 AM #4
Rainer
30,817
Becky Respess
Broker/Associate Century 21 Judge Fite Co - Cedar Hill, TX
ABR, CRB, CRS
Hey Chuck! I agree with you. I don't think I have seen this phrase yet in the Texas market in advertising or MLS. I do hear the question from a lot of realtors even when the house is price right! DUH! They must not know the market....
Apr 29, 2008 09:45 AM #5
Rainmaker
1,138,110
Chuck Carstensen
RE/MAX Results - Elk River, MN
Minnesota Real Estate Expert
There are some good points above about pointing out that the home is NOT A FORCLOSURE OR SHORT SALE because some buyers don't want to deal with them.  So thanks for mentioning that.
Apr 29, 2008 02:11 PM #6
Rainmaker
601,160
Lindsey Hasford
Edina Realty - Elk River, MN
Bringing you home...

Chuck - I have a buyer currently that doesn't want the hassle of short sales so I appreciate the verbage, but I laughed when I ran into one last week that said subject to third party approval.... what is that? Ends up - it to is a short sale but the sellers didn't want to divulge.

 

Apr 29, 2008 03:02 PM #7
Ambassador
566,489
Rosemary Brooks
BMC Real Estate - 209-910-3706 - Stockton, CA
The Mother & Daughter Realty Team

I have been looking for a way to search the MLS just for REOs.  Hey! I think I will give them a call and ask and also suggest that they seperate out REO in the search feature so that we can see true to listings what is going on. 

I believe if it is a foreclosure it should state in clear remarks and if it is not it should say that too, but if it is - don't say it is not.  If it is about to become, disclose it.

May 01, 2008 03:42 PM #8
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
1,138,110

Chuck Carstensen

Minnesota Real Estate Expert
Ask me a question
*
*
*
*
Spam prevention

Additional Information