Buyer Frustration
Lately, many buyers have been extremely frustrated in their search for a home. Many times, they find what seems like the perfect deal, even visiting the home with their agent, only to discover that the house has been under contract for weeks! This was unheard of in the past, but is an ever increasing trend with Bank-owned properties. Many exasperated buyers want to know, “Why????”
The Status Quo
Generally speaking, each property that’s listed for sale is entered into an online system, giving real estate agents up to the minute information. Usually, when a seller accepts an offer, the status is changed, notifying all agents that a contract is in play, rendering the property unavailable.
The Rules Change on Bank-owned
Lately, when offers are accepted on Bank-owned properties, some agents aren’t changing the status, leading agents to believe that the property is available, when in reality, its not. Apparently, the claim is that banks are instructing agents not to change the status, so as to “maximize marketing time”. Whether this is true or not, the bottom line is that countless hours are wasted showing these homes, resulting in Buyer frustration and disappointment.
How to Stay Ahead of the Bank
During this crucial period for Buyers, time needs to be used well. In order to stay ahead, Buyers’ agents need to do their due diligence and find out about the status of these Bank-owned homes before viewing. This means doing a little extra work to contact the listing office or track down the agent to discover the truth of the matter. It requires more effort on the part of their agent, but it means that Buyers will only spend time seeing what’s available.
If you’re interested in working with an agent who will put in the extra effort in helping you find a home, feel free to contact me directly at 609-865-5877 or email me at cooper@zastko.com.
And now for this week's Foreclosures & Short Sales...
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