Foreclosure Field Report

This pops up on occupied multifamily like we deal with here all the time to shake out the tire-kickers and avoid aggravating tenants too much, but this is one of the very rare times I’ve had to deal with it on a house, check out my email to a client of mine below. She wants to see a short sale house in Pacific Beach that has been on the market for over three years:

Ok, you do need to see this one…but what’s tricky about showing it is that the owner and bank/s are requiring an offer to be written on it prior to showing. I know, crazy right?! This is why it’s still available.

The difficulty in showing gives you a competitive advantage, as you will be dealing with fewer other buyers making offers. My suggestion is that we drive by, check the house out as well as the neighborhood, and in the meantime I’ll put some comparative past sales together to establish a price. Based on that we can see it if you still want to, and put together an LOI.

The takeaway here for you is that when a property is hard to see, it immediately cuts out 80% of the other buyers who can’t be bothered to make a little effort. Fewer buyers = fewer offers, which equals a LOWER SALES PRICE for you when the dust settles.

This entry was posted on Tuesday, January 5th, 2010 at 5:13 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.