Archive for March, 2008
Arizona Foreclosure Bus Tours
March 31st, 2008 Categories: AZ home selling
In the past week, I have seen and read media reports on bus tours for foreclosure homes in Arizona. May be you have seen them on the news yourself… An agent rents a bus and books it full of people interested in buying a bank-owned home and they drive around looking at a dozen or so homes.
Now as a realtor myself, when I first started seeing this about 2 years ago in California, I thought..”what a great idea”. And it is a wonderful way to get exposure and gain business, but when I saw the news broadcast of people getting out of the bus like cattle and following the realtor like a flock of ducklings I realized it was not such a bright idea. Here’s why:
Right now there is a high level of competition for bank-owned homes. Multiple offers, bidding wars, sold in hours. So even without a bus full of buyers there would be competition. Saying that, why would you go to the same homes as 11 other people to bid on it?
Also, why would you use the same realtor as the other people on the bus? Which, hopefully that agent has all the bus riders sign a disclaimer, for the ethics on writing a contract for the same home with different buyers is very shady. How would that agent best represent you in a bidding war? Think about it.
And lastly, this is coming from a consumer point of view, if you were interested in buying a bank-owned home, why would you want to go with a herd of other people in a bus? Could you not just call one of the thousands of agents in the valley for a private tour? A nicer car? And a 100% fiduciary commitment? There are plenty of starving agents right now that would be honored to bring you out and look for a foreclosure property.
Call one now!!
| Currently No Comments »
Short Sales, Short Sales, Short Sales…
March 26th, 2008 Categories: Uncategorized
Poor little short sale home. Nobody wants a short sale. Hopefully That changes because along with bank-owned properties that is all that is out there. The builders still have yet to drop their prices and are way above what a short sale and bank-owned property would sell for (buyers beware).
So why the hesitance for a short sale home? Mostly because in the past they have been known to take a long time to get approved or non-approved. Folks.. things are getting better for short sales. Agents and lenders alike have polished their skills and are now getting agreement letters in under a week. Lenders are now realizing that if they choose to foreclose, they will lose much more money in the end.
Now, there are some banks that do not do short sales for one reason or another (ocwen). Owners with a loan out with ocwen are facing foreclosure unfortunately. But most do, and have teams and divisions to specifically deal with the short sales.
So buyers, do not be afraid of a short sale home on the market. Have your agent screen the listing agent to see if they have their short sale “ducks in a row”, some do and some agents don’t. There are some great deals out there. And the best part… with the AAR short sale addendum, the buyer is not committed to the purchase until that agreement letter from the bank comes in.
So what are you waiting for?
| Currently No Comments »
