Misc., Rants, Etc.
Within the past week I have had the unpleasant experience of putting two offers in on bank owned and pre-foreclosure properties. I can now say this with full conviction…I HATE DEALING WITH FORECLOSURES. With
Let me first relay my experience with the pre-foreclosure. The first offer I put in was a low-ball offer, but the other agent talked to the bank and she told me that even with our low-ball offer we were close to making a deal happen.
Three weeks have passed before we get a counter offer…really three weeks? First of all, if this was any normal seller three weeks is totally ridiculous. Second, when they did come back with their “counter-offer” it was just under the asking price. All of the sudden they have completely changed their tune. The listing agent calls the bank and tells them that if we do not make this offer work the house will go to foreclosure, have an attorney involved, lose time on the market, and the debt will be carried by the lender. Their response was basically “I don’t care”. This was from a publicly traded company whose stock just took a tumble this past week. Gee, I wonder why they can’t get rid of all this inventory of foreclosed homes they have on their hands.
The second experience is just as ridiculous. I called the listing agent hired by the lender to sell their home. This home had a flood in the basement and has a pretty bad case of mold. I asked him if they were motivated and if they would consider an offer lower than the asking price because of the time on the market and the mold issues. He told me they had received no offers on the property and that they should be willing to negotiate and will be motivated. Hence, considering the mold issues and the time on the market we submitted an offer for around 85% of the asking price. Well, long story short; they were willing to come off of their asking price by a whopping $450 or .17%. Wow, that’s really generous!
Here is what I don’t understand…maybe these lenders come from land far far away in a time long long ago when they held all the cards and they ( along with anyone else) could sell a house at will, but times have changed. Maybe the people in their air conditioned offices in
Part of the problem is that buyers here the F word and see visions of Carlton Sheets dancing in their heads and dreams of driving a Ferrari because they are going to get such a good deal. The other problem is that lenders are the worst most unrealistic sellers ever. Until 6 -12 months from now when lenders are really hemorrhaging from an insurmountable amount of foreclosures, this will continue to be the case. Until then, I will continue my disdain and contempt for dealing with the inevitable “bank owned” or “pre-foreclosure” homes.
Feel free to post your comments.
Date: Thursday, August, 2nd 2007 @ 08:17:37 PM
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