It's so nice dealing with real sellers
In our hunt for great deals we should not overlook properties that are for sell by just the owners of record. You know what I mean, not a short sale, not a forclosure just and old fashioned home sell... a buyer and a seller workin out a deal.
I am in the middle of a deal were there are really good sellers who have been in their home for a while and they are not under water. They are very good to work with, not ridgid and unresponsive, like banks and or REO management companies. The home inpsector found a handfull of items that needed to be addressed and the seller is going to handle them before closing. And, when I send them something they respond within a day. Unlike with these forclosures were you send an addendum and they take a week to get back to you. And, forget about short sales if you are in any kind of a hurry. I think the local realtor association is saying that only 10-20% of short sales are actually getting to closing. I dread when a client brings me a short sale to go look at. These banks and REO Management companies could do themselves a big favor by becoming a little more responsive and flexible.
I really hate how this market has been so out of wack for the past 8 years. I hated the market when it was overheated and sellers were beating up poor buyers and I hate it now that buyers are beating up poor sellers. I will be so happy when we're back to a normaly 2-3% appreciation a year.
Comments (4)
Susan, That's exactly it. Everybody thinks that they're not getting a good deal if they're not sticking it to the other party. I really hate adversarial negotiations but so many people subscribe to the Donald Trump way of doing things. There are so many ways that a seller can stick it to you even after a contract is ratified. What goes around comes around and every adversarial situation I've been in just turns out to be a scorched earth situation. I try to walk on just about any deal were I see a belligerent party on the other side, particularly when it's the other realtor. Also, buyers have to be aware of the value of a well cared for home. When I walk into a foreclosure that is in bad shape it is usually not just short term damage. Many of these homes were neglected for years. When I look at a rehab home I know I better tack 10%-20% on to the expected repair costs because of what you're going to find behind the walls. You can really tell when you have a seller who does even some basic annual home maintenance, and so many people fail to value that. They do so at their expense. They won't learn their lesson until the furnace burns out due to dirty filters and plugged up ducts, or they find mold or rotting sub floors because the previous owners never mopped up their messes. And, a home inspector probably won't see that. So many times that is my challenge, getting people to be good to each other. Either we can make the deal or we can’t but there is no reason to try to put someone through the ringer. Most times that just comes with good communications. When I have to submit an addendum or offer that seems insulting or lowball I try to communicate the reasons that we are making such an offer. That usually does the trick right there. Being fully informed the other party can make a simple business decision not be insulted and look for their chance to return the favor or walk away out of spite. Many times, with the communication channels open and good faith established, the other party talks back to us and we find a good middle ground. Banks are extremely poor at communications. They waist a lot of time and give you very little wiggle room to maneuver, particularly after the contract is ratified. They are the kings of the take it or leave it bunch. Justin
Justin Pierce, over 15 years ago
I hear you Justin. Real sellers are reasonable about pricing as well. Its too bad that many times you see buyers or sellers beating each other up depending on the market.
Susan Zanzonico, over 15 years ago
It's like a breath of fresh air.
Justin Pierce, over 15 years ago
Sounds nice, Justin - like the good old days, huh?
Joshua Dorkin, over 15 years ago