Priced right REOs are moving fast

[Smiling JOe]

I find it difficult to get a true grasp on the number of REOs vs Short sales vs foreclosures, because I see that most agents who are listing short sales, don't actually enter the sale type correctly as short sales. If you search for sale type: REO, you will see that more than 50% are incorrectly listed, and they are actually short sales. Yes, it's possible to work around that as a Realtor by searching for key words, but one would think that the people listing short sales, would at least be familiar enough with short sales to know that they are not REOs. Makes our job as Realtors more difficult to extrapolate good information when pulling listings, and in my opinion, it does a dis-service to the sellers and buyers.

Just my $.03 (note the price increase for my thoughts.)

 

[JoshMclean]

I find it difficult to get a true grasp on the number of REOs vs Short sales vs foreclosures, because I see that most agents who are listing short sales, don't actually enter the sale type correctly as short sales. If you search for sale type: REO, you will see that more than 50% are incorrectly listed, and they are actually short sales. Yes, it's possible to work around that as a Realtor by searching for key words, but one would think that the people listing short sales, would at least be familiar enough with short sales to know that they are not REOs. Makes our job as Realtors more difficult to extrapolate good information when pulling listings, and in my opinion, it does a dis-service to the sellers and buyers.

Just my $.03 (note the price increase for my thoughts.)

Couldn't agree more SJ.

 

[scooterbug44]

I get quite frustrated when the listing agent doesn't even SAY it's a short sale in the MLS blurb, extra sheet points when they also have no clue how to do all the paperwork or have the property listed BELOW what the bank will accept!

 

[30ashopper]

My newest "market pulse" reveals that short sales have leveled off for the third straight month in Destin, I am not seeing any increase. What I am seeing is alot of contracts!

http://thewiredagent.com/pulse.html

That is our best month in 2.5 years! And it is not just Newman-Dailey. Check out this overall activity:

Destin single family homes sold since May 1 (58): Report
Throw in another 48 that are currently under contract: Report

and you can see that the single family homes are moving.

 

[rapunzel]

So, if houses are still are lots any better? Has the cost of building come down?

I saw some pretty intriguing prices on builder specs at Watersound North recently. It's too far from the hospital for us, but they looked like good values, IMHO. Does anyone know if that might be a better route at this point in time?

 

[scooterbug44]

Building costs haven't really gone down as demand has decreased (despite what everyone is telling prospective clients until they have to put their money where their mouth is) because material and delivery/shipping costs have gone up.

I think you guys should buy a lot in PW and build, but that's just me!

 

[SHELLY]

My newest "market pulse" reveals that short sales have leveled off for the third straight month in Destin, I am not seeing any increase. What I am seeing is alot of contracts!

http://thewiredagent.com/pulse.html

What percentage of the "contracts" are actually turning into "sales?" Do you keep a "Sales/Contracts Ratio?"

.

 

[SHELLY]

I think once the rental income dies down we are going to see more. I think many people are taking the rental income, making payments and hoping that they can sell in time.

Josh,

Couldn't have said it better myself...

I'm sure buyers will appreciate your new and true-to-life outlook on this market. The "Rah-Rah Real Estate" hook doesn't reel in nearly the number of fish as it used to.

Good luck and keep it real kiddo.

Shel

.

 

[Smiling JOe]

I get quite frustrated when the listing agent doesn't even SAY it's a short sale in the MLS blurb, extra sheet points when they also have no clue how to do all the paperwork or have the property listed BELOW what the bank will accept!

You can thank the lender for that lack of communication. I have not heard of any lenders willing to disclose the amount they are willing to accept, so it is up to the Realtor to price the property low enough to get offers, but high enough to meet the lender's level of acceptance and the appraiser's price point. That is a difficult task, since the lender won't say a word. They just say, "bring us a written offer, and we'll look at it." So, as you can imagine, this can become a sales gimmick to lure buyers in at unrealistic prices. I've seen that a few times. It is important for all agents to communicate to any potential buyers, that the list price on short sales is not necessarily a price which the lender will accept. It may or may not be, and perhaps it is close enough to negotiate a sale. You just don't know until you propose a written offer.

 

[Bobby J]

So, if houses are still are lots any better? Has the cost of building come down?

I saw some pretty intriguing prices on builder specs at Watersound North recently. It's too far from the hospital for us, but they looked like good values, IMHO. Does anyone know if that might be a better route at this point in time?

You can build for around $125-$150 sq. foot right now. If you add the lot price to the construction it is looking pretty good to build. Plus you get what you want where you want. We are looking to build on a lot in Seagrove and will be coming in with land included around $350,000 (1500 sq. feet 3 br. 2 bath home).