Too busy to do a back-up offer on bank-owned homes under contract...think again...

Real Estate Agent with ERA Brokers Consolidated / Cox Magnesen Team

The lifeblood of our real estate team in today's market is foreclsoures -- whether its spotting those new listings that are wonderful deals and having buyer clients informed enough to seize an oppotunity or listing homes for bank / asset management companies at a price that is competitive -- this is what is increasingly driving our business and our local market. 

Through all the inquiries from buyers' agents regarding foreclosures, there seems to an over-riding them to the inquiry -- "...there are tons of homes out there for my buyers to consider... I don't want to spend time on this home if there any other offers being submitted or if its under contract..." (by and large, this is the rule, but there are , of course, excpetions).  There is undeniably some self-interest at play, but the primary goal in our encouragement is to help buyer's agents understand the "nature" of beast" of bank-owned homes -- that there is a pretty reasonable % of deals that may be together one day, but not the next.  Deals, especially on bank-owned homes, fall apart for a variety of reasons....buyers think they've found a better buy, they change their mind, they discover something unsettling in the inspections, or of course, they have their loan denied.

While I can understand to some degree the buyer's mentality in light of the amount of inventory we have in St. George, buyer's agents would be wise to remember and embrace that fact, which is even more true in the lower price ranges.  My hat is off to those wise buyer's agents who we have dealt with over the past few months who have taken the recommendation to submit to heart and who understand that what may not be available today may well be available tomorrow....


Comments (1)

Ray Cox
ERA Brokers Consolidated - Saint George, UT

Well said Doug.  With the percentage of failed sales now, its wise not to write anything off.  BTW, welcome to AR.  Look forward to your future blogs.

Dec 09, 2008 05:20 PM