BankRepoExperts's Discussions

In our area the only homes selling are those that are bank owned!

It depends on if the banks price is already below current value, as many banks tend to price their properties low to attract multiple bids. Is the asking price typical to the market? Or is it below market value? Also it will depend on how many other potential buyers want the same home.

I think filps will return, but only the legit fully rehab the home flips. No more of this buying 1st phase selling 4th phase in a new home site..

There are a ton of useful features we want with websites. Bottom line is that listing widgets, services (IDX), blogging etcccccc..... do not mean much if you are not getting real leads. So far, zillow and craigslist are 2nd in line compared to organic traffic in my book. Too much time is spent managing craigslist. Zillow has not picked up my feed twice now for syndication. So I am finally manually entering them. Search Engine Optimization is the way to go.... then add all the little bells and whistles. Arlan 

People are buying. Tons of them out here in Southern California. It is in my book a good time to buy. Great investment opportunities exist and it is pending upon what type of property and the term the investor is looking for. There are some amazing returns going to happen. For the owner occupied buyer, we are getting about 40 leads a day and a lot of them are ALL CASH. Buyers exist.... you just have to know where to find them.

Here is what I have found... buyers are typically agressive and will write offers that make sense to them. -=meaning typically way too low=- You are looking atleast comparing homes near by and offering them in the neighborhood of what the avg. price is. If the listing agent took the listing (which a lot do regardless of having realistic sellers or not) knowing the property is too high, they may have already prepared the sellers to expect lower offers. Send in your offer with comparables and see if it sticks. You will never know unless you try.

In reply it is like the stock market... that comment was made just about a year ago and it has been black monday every since. What we have seen is a correction is this stock market of homes. Values are finally realistic. Too many did use their homes as ATM machines and it shows. Temecula was once a REFI BOOM TOWN and now that the humbling experience is done, we are all back to business as usual. As people continue to lose their homes, not just in temecula we are seeing banks wanting to work with them in the short sale of their homes. I think banks are finally starting to realize that it cost more to foreclose then it does to allow a short sale. Realtors - set yourselves up for learning how to do short sales.

Congrats on getting your license, after reading all the advice from everyone.... which props to all for helping fi2lek, it has been almost 2 weeks. Lets hear it.....  where did you end up going?

I believe in open houses still. I require anyone on our buyers team to host one open house in a 7 day period or you receive no upcall time. We track which homes are bringing in the most traffic via sign calls and recommend to our team that they host an open house with one that gets a lot of traffic. We have had at one of the open houses over 14 actual buyer leads produced in a 5 hour period. Note: these are bank owned homes. For homes which are not bank owned, we do not do open houses and we make that clear on the listing contract. Lets face it, an open house is done for us to procure leads and typcially we do not sell the home we are having the open houuse on.

Out here in the Temecula, Ca area... (just north of San Diego 55 miles) we are experiening somewhat of a unique boom in buyers. Our activity has went from around 30 calls a day from our approximate 100 bank owned listings to around 60 and the internet leads have more than doubled. I just started up on zillow this last month and what an amazing free resource to generate buyers (shhhhushhhh - dont tell others this great free secret). It is an amazing market with interest rates low and homes prices back where they were 5 years ago. Problem is as Realtors we have to do twice the amount of business to make the same checks because of the drop in home prices.