The public loves to find reasons to complain about their surroundings. Instead, people should realize that keeping an optimistic mind will help them achieve their goals. The same is true about buying and selling property. Be aware of the situations around you and try to keep your head above the negative.
Recently I received an accepted offer on a property for one of my customers. The property was a foreclosure and was priced to sell. Catching wind of this great deal, we rushed to view the home. Seeing a future for themselves in this home, we immediately put together an offer.
As usual with foreclosures, the bank took their time in responding to our offer. Since the property was freshly on the market, the bank wanted to string the any offers they received along to see what other offers could be submitted from other interested parties. The end goal from the bank, like any selling party, is to get the highest offer for the property. However, with foreclosures, the bank seems to be able to run on their own timetable instead of standard sales timetables.
As showings continued, we received a verbal counter from the bank for FULL price. As most people today, my customers shrugged and said “Are they nuts in this market! No one gives full price today.”
However, the bank knew exactly what they wanted. They were aware of the swarm of customers going in and out of this home and felt like they could get a higher price. My buyers did not take my advice to agree to the full price counter and instead we countered at a lower price than asking. By doing this, we gave the bank more time to wait for more offers.
The next day came and the bank announced that they had our offer plus two other offers!! Now my buyers saw the demand the bank was waiting for. Acting quickly, we responded with a full price offer. The bank ended up accepting us and our next stop is closing.
Even though we are in a more stable priced housing market and the supply of homes is high with weaker demand, the demand for homes still need to be something that buyers are aware of. The demand may not be as strong as before, but when a property is priced right and in a desirable location there will be competition! So instead of getting depressed because of the negative news we hear about today’s economy. Remember there is a light! Stay positive and believe in your dreams.
