Not All Homes Are Created Equal -
Jon Eliason brings a good posts on the fact that all homes are not created equal especially when they're for sale. Please leave your comments on Jon's page.
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Working with different buyers over this last week has opened up another door for me that has enabled me to see how some Buyers thought processes are working.
It seems that some of my Buyers think that all homes are essentially equal when placing an offer on a Home.
I've had to tell them, that that's not the case at all.
Non Pressured-Owner Owned homes can be the most difficult transactions to negotiate due to, in most cases, move in ready condition and the fact there is no "Urgency" related to a foreclosure or short sale situation. These Homeowners are holding the key and they can basically wave it around for as long as they want until they get the right buyer. The Buyers for these types of homes, pretty much understand this.
Foreclosures are another story. These Bank owned homes are among the thousands in an inventory of growing interest for consumers who want the Deal of a lifetime. (Maybe I should say Steal) The banks have had BPO's, CMA's or other value assessments done on these homes and have the initial price set from these reports. After a Buyer that has an interesst in a given property that is Bank Owned, the Buyer will have an inspection done and typically this is where the Lienholder of the property gets a glimpse of all of the defects in their holdings. If the Buyer backs out, the Bank(s) may in fact adjust the price to fit the necessary repairs to the property. If not, they'll quite possibly, give an allowance for such repairs to be made. It depends on the Lender.
Short Sales are in a Class of their own. Most of the Short Sales that I have come across have been Lender approved and the price is at an acceptable amount for the lender to get off their books. It'll help the current owner to get out from under and it'll help the bank with one less possible foreclosure to deal with.
When I am working with my Buyers, I help them understand the differences of these types of sales. Many Foreclosures can be negotiated to the hilt. Home owner properties can be as well, (with a little finesse). Short Sales typically take the longest and in many cases the price won't stray far too from the "Asking price". I look at it as the "Acceptable Price".
Keeping my Buyers ahead of the game allows them to be informed and prepared for the variety of situations we may face as we trudge ahead with the Varying Sellers this Market now has to bare.
Having this information in hand helps My Buyers in negotiations and helps them understand the process of what we can and will endure from these entities. Having them informed ahead of time, will alleviate many of the headaches that will accompany the processes of the different types of conveyance.
It usually works.
Albuquerque Homes and Lifestyle Blog
John McCormack Owner/Managing Broker, e-PRO
505-980-4576 / John@AlbuquerqueHomes.com
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