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?
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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, 2010 and 2011--*in units sold and volume--than Fran Gatti. Put Fran to work for you!
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Hi Fran, Congrats on your multiple offers. .....have your pre-approval letter and your highest and best offer ready to go and get it in.... is VERY good advice. Take care.
I told my team yesterday it is a sellers market for foreclosure's and short sales. It is happening here too.
I recently showed a buyer client a foreclosure that was well below market value. The property was only a year old. The client wanted the property and asked me what to do to get it. I told him to offer over asking by 15K. He could not wrap his head around offering more than full price on a foreclosure he put an offer in well below asking. Of course there were multiple offers and it sold for well over asking.
Just goes to show you can sell anything and slightly underpricing in this market is the way to go.
Underpricing is the market!
Hi Fran,
Glad to hear of your multiple offers! Great advice. Thanks for sharing.