Submitting offers on bank owned properties gets a lot of bad press, and deservedly so. Clueless banks, horrible addenda, and of course the biggest and most often heard complaint, lack of responsiveness. Their decisions seem to move at glacial speed.
Offers lay for weeks before buyers finally get tired and just walk away, leaving all the work done by the agents on the table. Only to start over somewhere else.
I'm certainly not here in support of the banks, but I have to tell you I was pleasantly surprised recently.
Last Friday night, around 9 PM, I submitted three different offers to three different listing agents, representing three different banks, on three different foreclosure properties. My client wants to pick them all up by the end of the year. Of course, I prepped my investor/buyer to stick it out for the long haul because I didn't expect responses any time soon.
What a shock to receive counter-offers on all three properties yesterday. One decent counter-offer and two still in what I call the "clueless zone." We're still talking though, and based on their initial performance, the banks seem to be pretty responsive.
Can they actually finally be getting their act together?
Richard Iarossi, REALTOR®
Long and Foster® Real Estate, Inc.
Crofton, MD 21114
410-451-6255 Office
443-995-9595 Cell
Web: http://www.RichSellsHomes.com
eMail: Rich@RichSellsHomes.com
Annapolis MD Real Estate Specialist
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Rich Iarossi is a full time licensed REALTOR®, working in Crofton, MD. My coverage areas are: Anne Arundel, Prince George’s, Howard, Calvert, Queen Anne, and Baltimore City and County. I specialize in residential real estate, working with both buyers and sellers. Use the registration free search on my website at www.RichSellsHomes.com. If you’re not already working with a REALTOR®...I can help. Call me at 443-995-9595 (Cell) or 410-451-6255 (Office).
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Excellent work!!! or and I love the hat!!!
Merry Christmas!
your friend in Charlottesville
Richard, maybe the banks are starting to come around. Good job and good luck with the counters.
Never be the one to say no! Let them be the ones to say NO! ALWAYS leave a counter on the table. As long as you are still talking, you can work it out...
Wow that is good. Have you noticed that sometimes when you think and tell the buyer that it's going to take a while, then things move fast -lol. ~Rita
What ever works to get the deal done to the closing table... Murphys Law perhaps? You prepared the buyers and now they are getting better than expected in responses..> Good job!
Wow, good luck! I'm hearing the same things Richard, banks are responding quickly now that it is towards the end of the year. (I think that's the reason..who knows.)
You're not far from Wall Street and D.C., so maybe that $700 billion has trickled down to banks in your area. Doesn't seem to be the case out here yet.