There are 28,000+ listings in our MLS and currently just slightly less than 2000 sales a month. There are too many what I call "Let's go Fishing, You Bring the Chum" listings.
Here is the deal, they are now a majority short sales and NOD's. Don't the banks allow some leniency in a short sale or NOD process if the house is listed? (Question for Broker Bryant). IOW, the banks hold off on foreclosing or it makes it for a better short sale deal if the time on market is longer.
NOW, if I can't get in these (because of tenants or strict showing instructions) or have the list agents even return my phone calls (5 days/5 calls) when I have a client ready to write an offer subject to interior inspection because of the showing instructions (tenant involved: DND), HOW THE HECK CAN THESE LISTINGS BE SOLD?
I think it is IMPERATIVE for banks to have the listings "shopped" for ease of showing, service of agent on top of all the other stuff a BPO agent does.
For my close, this is so frustrating right now! I wish agents would take listings they intend to sell and prequalify their sellers. Not just allow them to run the system where they can "keep" their home for foreclosing in the near future by showing it as "listed"
BAH!
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Renee,
You should write more about short sales, I get calls everyday asking about these...
Tom Weiss
Renee,
Thanks for the post. I have given up on bank foreclosure sales until October. We have an in house foreclosure division and from my experience the leinholder get real anxious fourth quarter. All of a sudden their are both agent and buyer incentives to move the property before year end. I have advised my investors that there are tons of opportunities out there (they know that already) and I suggested that they be patient, they'll be able to get what they want in the fourth quarter, not to mention there will be a bonus for the selling agent.
Renee, the banks will catch on very soon. It didn't take them long to catch on in Michigan.
Tom, I have successfully negotiated several short sales as well. I am putting together a series of Blogs to that regard. If you have any specific questions, feel free to email me.
Dan Sundberg
honestly you make an amazing point... and perhaps have created a micro-industry
it wouldn't be unwise of a bank to pay $100-200/house to send someone through
Tom: I actually do have a primer for buyers on my website. I don't touch short sale listings at all. That is really a niche and if it is something that Broker Bryant posts about well. They aren't for the faint hearted!
William: Thanks for the advice! Great insight!
Daniel: I hope so. This is SO hard finding the right listing that is saleable. I will check out your blog.
David: I agree with you. I wish banks paid more towards $200 for bpo's to service for the life of the listing. For example, they do the regular BPO paperwork initially, shop the agent, make sure it is easy to call and then every month following, they do a snapshot CMA, shop the listing for ease of showing and the list agent for responsiveness. I would say do the norm, have the list agent price it right and make it have the easiest showing instructions possible. It us up to us, as agents, to make sure we are looking out for our clients and if we have silly showing instructions, no return calls, how is the property going to get sold? Trust me, at some of these fire sale prices, it would be shown and sold QUICKLY if they made it possible! It is complete and total BS if owners are making deals (in NOD status) to hold on to their home just by listing it while they aren't making a house payment and they have tenants producing them positive cash flow!
Kaye: I agree totally!