| How can I compete with foreclosures? |
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suraja
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| How can I compete with foreclosures? |
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I'm a Realtor in Murfreesboro TN and I have had a house listed for about 8 months. The seller has moved out of State and she has been paying 2 mortgages for sometime now. The house is 2383 sqft and listed at $204,000. (Originally listed at 213,900) That is a great deal but unfortunately several foreclosures has started popping up around the neighborhood and selling for $190,000 or less and everyone buys those houses instead of my clients. The problem is she can not sell the house for less than $195,000. We get a lot of activity and a lot of people want to rent the house but my client wants to sell because she lives out of state and does not want to mess with rental properties. So I guess my question is, does anyone have any great marketing ideas where I can get more people in to see the house? One advantage is the house has more square footage than the other houses in the neighborhood but I just can't seem to get anyone in there except for people that want to rent the house. Any suggestions would be helpful!
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Mon Mar 09, 2009 2:56 am |
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usminnow
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Location: TN USA
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i can ask my friend Fran Valdez in Nashville on Nolensville Rd
don't expect a quick answer - he's away for weekend 
Last edited by usminnow on Sat Mar 14, 2009 8:02 pm; edited 1 time in total |
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Fri Mar 13, 2009 12:15 am |
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sammy21
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| Consider a short sale |
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Your client will run out of money and in up in foreclosure if you don't consider some creative ways to solve the problem. If you are not familiar with short sales, it's getting the bank to agree to accept less than what the homeowner owes as payment in full.
Buyers aren't conditioned to pay retail now and you must adjust to the times.
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Fri Mar 13, 2009 3:35 am |
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ukey
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I'm not too sure about you, but I look into the condition of the house before i jump into the purchase. Thus far, the condition of foreclosed homes require alot of work, and hence time and money. Hence, I've been looking more at owner sales thus far.
Maybe you could target people with these requirements/ want to close faster thaan foreclosures can give?
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Sat Mar 14, 2009 3:55 am |
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No-Brainer
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This is an age old problem that will exist long after the recession is gone. Buyers couldn't care less about your clients needs, they just want the best deal for the current market no matter what that is. You client is just going to need to adjust their thinking.
The bright side is the house is half sold, you have the seller and only need a buyer to complete the deal.
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Mon Mar 16, 2009 2:46 am |
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frdsmth9
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The first reaction of many new-home sales professionals is to become defensive when discussing or comparing their new homes to lender-owned housing.
But for the true new-home sales professional, that scenario is often one of the best ways to show value in the new home you're offering.
Builders value customer satisfaction. Builders value your satisfaction and are the decision makers. If they provide erroneous or misleading information, their reputations are ruined and their company will surely fail. In the case of foreclosures, you often deal with a daisy chain of a general real-estate agent, who passes long information to the lender's representative, who passes long the information to the special assets manager, who passes the information along to the loan committee. As no one has ownership in the process or knows what the final agreement will look like, there is ample opportunity for bad or misleading information to be provided throughout the process.
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Sun May 24, 2009 2:37 pm |
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No-Brainer
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That reminds me of a sticky note pad I have that says, "The salesman's job begins when the customer says NO".
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Sun May 24, 2009 3:22 pm |
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CutCompCosts
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Why don't you see if the owner would do a lease option. That way he can get some cash flow going and a potential buyer down the road.
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Fri May 29, 2009 7:35 pm |
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