Okay....time to have a little fun. I'm no marketing expert....but some of these REO listings are just downright pathetic. I guess they assume the price will sell the house. Little do they know, there is a lot of competition in that arena...so making their REO stand out from the crowd would be worth their time.
Top 5 ways to know its a distressed listing.....
1) The listing only has one picture of the front of the house, with weeds visible if you look carefully.
2) The description is anemic and pithy. At most two lines.
3) The term "as-is" is used in the description.
4) The real estate agency is one you have never heard of and sounds very mysterious (i.e. .......although this one might be legit...but you gotta love the mysterious name)
5) The term "bank-owned" is advertised.
Update: The name of the company in item 4) has been removed due to the receipt of several nastygrams using accusatory words like slander and defamatory. I had never heard of the company and their name sounded very mysterious...so I am not sure exactly what part was offensive....but I am certainly not trying to piss people off. Just convey the facts as I see them.
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16 comments:
More truth to that than humor. . . .
I watch a high end neighborhood for a friend and one foreclosure that I thought was going to be a super buy (price just cut 20%+) had a note about some of the "entertainment system missing".
A neighbor looked at it and reported the following items missing: Subzero, microwave, faucets, chandeliers and light fixtures, sound system, anything else that could be sold. Year yard looks like a war zone. $50K to fix if your lucky, $100K possible.
Careful what you wish for.
All the REOs I've looked at are thrashed to within an inch of the walls falling down and yet the bank wants a price just 20k less then a comp nearby in great shape.
The only deals I saw were at the auction where 50% off the list was the norm. What's out there laungishing is really awful.
Every so often one sells which fine by me as they work the market down. Hard to get falling comps if no one buys.
That's dead on. The picture is always the first clue. My favorite that I've seen was one taken of the front of the house on a rainy day with the owner's car still in the driveway (A BMW). The listing said "bank owned priced for a quick sale" but it lasted 3-4 months....
"Hard to get falling comps if no one buys."
Very good point!
Sippn...If I ever make ya laugh..its probably on accident...funny just isn't my forte. I'm a boring business analyst with a big heart.
I do love how they tell you in the listing that its a "great deal", "priced to sell", or it "won't last long".
By omission, does this imply they price them not to sell the rest of the time?
Priced 30k below comps would be a much more informative way to go about it.
The two bank owned homes on my street in Empire Ranch are still just sitting there. The signs out front proudly display "Bank Owned", but I'd swear, I've only seen one group of people EVER visit either home since I moved into the hood several months ago.
It's like they're not even trying to sell them. Distressed, I'd say..
business analyst with a big heart - OK now I laughing!
'm
"business analysts with a big heart" they are a very rare breed in my industry (most industries if you ask me)...seems all people care about these days is money...not the people behind the transaction...Sorry for the rant....just been incredibly aggravated by my economist colleagues lately. The concept of equity has no meaning to them.
I figured I didn't need to mention that I was gullible, cause you already figured that one out =)
I always find "Owner MUST sell!" very funny, because I'm sure it's true, but that doesn't mean it's a bargain.
Voicing ones opinion is neither slander nor defamatory unless it misrepresents something. Looked fine to me.
I hope the company in question finds something better to do with their time... like... say... manage to keep from going under in the next few years. Trust me, you guys have bigger things to worry about. How about you leave the poor bloggers alone. k, tnx.
Thanks PR....I was pretty upset...the tone of their e-mails was really harsh.
I was just coming off a bad day at work yesterday...so it certainly didn't help my disposition.
For a couple moments there, I considered shutting down the blog...but then came to my senses.
EFF: Legal Guide for Bloggers
Your intent wasn't terrible but really they didn't deserve the label.
While the power of the pen you now have was easy to get, you're not much different than a newspaper, except harder to find.
There are newspapers all over the driveway and uncle earl has started a cash crop in the back yard.
Top five ways...
One good example is MLS70075740.Bank REO...Another that falls under you got to be kidding..MLS70092174 @ $319K??? & I've got to do what! I'm sure there's tons of examples yet, it does for a moment give me a tinge of sadness knowing there was someone at one time that was happy in these homes....Ok I'm over it. Another 50% decline & I"LL be happy:)
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