Advantage: Advertising a listing as NOT an REO, NOT a short sale
Pacita, is giving great information. Most of us Realtors get excited when we see marketing that states : NOT an REO not a SHORT SALE. It gives buyers HOPE
With all the challenges we face in showing properties and writing offer on REOs (real estate or bank-owned) and short sales, it is becoming increasingly refreshing to see an ad that says a listing is NOT and REO or NOT a short sale.
Because it’s been so frustrating waiting for short sale approval. It’s been distressing to see bank-owned properties so trashed. It’s been stressful to compete against all cash buyers who appear to win a lot of these bids on REOs.
So when we see a reasonably priced property in a decent neighborhood, and read that it’s not an REO and not a short sale, we jump on it. Even if it’s slightly higher than the short sales and REO properties in the surrounding areas, buyers and their agents look forward to the chance of writing offers where there may be some room for negotiations.
New listing is NOT and REO, NOT a short sale.
My sellers were debating going through a short sale (their lender is Chase which is reputed to be just as bad as Bank of America). But not knowing their timelines when they may relocate to attend to a parent, they elected to sell as a regular sale. Hallelujah!
But this home is surrounded by similar and larger homes that are short sales in the same price range. Those were their competition.
So we priced the home very aggressively. Activated the listing Monday, Dec. 21. Held broker’s tour Dec. 22. Then had requests for several viewings, even as late as 5 pm on Christmas eve. Numerous inquiries about whether or not we have offers yet.
What drew them to this property? The agents said it’s because “It’s NOT an REO and NOT a short sale.” People with deadlines (such as first time and repeat buyers looking to take advantage of the tax credit) are ready to buy and don’t want to wait.
So if you have a new listing that’s not a distressed sale, put it in your remarks and in your advertising materials. That’s a new kind of Truth in Advertising.
Perhaps we’ve discovered a NEW reality, or even a NEW way to advertise!
P.S. ANOTHER ADVANTAGE
If you post this on craigslist and other online advertising, for people who are specifically looking ONLY for REOs and short sales, this listing will ALSO show up because of the key words REO and short sales. And when they see what they can get that is a regular sale, well, gee, why not check it out, too?