Be prepared to snap-up that foreclosure!
I had a refresher course today in the advantages of being prepared to purchase when that REALLY GREAT DEAL comes up.
I listed an REO yesterday at about 3:30 in the afternoon. When the listing agreement reached me by email and I saw the price, I was surprised. It was far below what I had figured would be a good list price and it immediately became the Best Buy on the market upon listing it on the MLS.
I had several agents who had been showing an interest in the home pre-listing and they asked me to call them as soon as I had a list price, which I did immediately. They were surprised at the price as well.
Most foreclosures in my market are hitting the MLS between $135 - $180 a sq. ft. (anything above $135 seems like a waste of time to me), but my listing hit the MLS at $94 a sq. ft., which is a really good buy. The home was shown at least 5 times yesterday from 3:30 on and I had multiple offers within a very short period of time.
The person who was ready to go, with all their ducks in a row, got in there right away, but with an REO the agent will continue to submit offers until one is fully executed, so in a situation like this, have your pre-approval letter and your highest and best offer ready to go and get it in!
If you missed out on this one, there will be others, without a doubt, so get ready to snap-up the next "best buy." If you are in my market and missed out on this "best buy," take heart. You can subscribe to my foreclosure alerts and you will get all the best buys the second they hit the market. What are you waiting for?
Click this button to register:
Thank you for stopping by. Your comments on this post are welcomed and appreciated.
No one sold more homes in Del Norte County in 2009--*both in number and volume--than Fran. Put Fran to work for you!
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*PER CCMLS
