Thursday, November 06, 2008

Foreclosures everywhere! Banks are a driving force in our real estate market right now. As any other seller, the banks which own property desire to net the highest amount possible on their properties. They are in the unique position of owning properties which they have not seen, and must rely on the eyes of the agents who list them or appraisers to give them a true representation

Appraisers who in some instances have given the banks inflated views of value in the past, are relied upon to give the current value of the home. In many instances this is a fluid number which is dropping daily. The rate of price reduction, and the timing of the presentation of the offer are both important for the buyer and seller of the repossessed property. In most cases, the longer a property remains on the market, the more it deteriorates in condition and saleability. Factor in the number of properties available for the few buyers in the market, and the probable sales price drops even further.

In representing the banks who own the properties, it is important the the properties are maintained consistantly to retain the value in the property. It is also important that the listing agent make the process as worry free as possible for the selling agent. With so few buyers in the market at the present time, it is important that the process of the purchase be handled as smoothly as possible, to attract the selling agents and the buyers. Currently many of the foreclosed properties do not even have pictures available in the MLS. As the listing agent, it is the brokers' responsiblity to present the properties in their best light, this includes pictures, discriptions and advertising through web sites and more traditional ways.

When the agent represents the buyer, he must present each offer to the listing agents in a timely manner and must respect the requests for specific forms and addendums. It takes a team of agents, loan officers, title company representatives and bank officers (and the buyers, too!) to get a property "off the books". It can be very rewarding to see these properties sold.