Welcome back, I hope you had a great Christmas!
I’m looking forward to 2010, more so than any other year.
Because I’m convinced that people want the truth, we’re going to keep serving it up here at bubbleinfo.com. Taking the high road is wrought with challenges however, primarily when trying to sell short sales and REOs. There aren’t any rules or regulations on how the deal with these, so listing agents make them up as they go along.
When I write an offer on a short sale, I call the listing agent first, looking to get his commitment – if I can narrow down the target, it’s easier to hit.
Example: Two weeks ago I had a listing agent agree that if my buyer was willing to write an all-cash offer at the price specified by the listing agent, he would have his sellers sign it, and submit it to the bank – let’s call it a pre-negotiated deal.
It’s not easy getting listing agents to commit on short sales; when there are no rules, they like to play around. Sure enough, we submit the offer as agreed, but two weeks go by and he’s not calling back, not responding to emails, etc. – the usual ploy.
I finally caught him on Wednesday, and he said that he’s giving a female agent more time to try and sell this seven-figure property because he got the feeling that he might be able to score with her – and I’m not talking Chargers’ touchdowns here.
While he was probably joking (hopefully?), it’s another of hundreds of examples I could give you about how difficult it is to buy a house in this environment.
What am I doing about increasing your odds of buying?
1. Numbers game– You need to see a lot of homes – the vast majority are priced wrong, and the few that have a decent price are hotly contested. It’s likely that you’ll lose a few to other offerees, or to the condition of the house. In 2009, we had a number of accepted offers cancel due to the property’s condition after a thorough inspection.
The addition of Richard Morgan to the team this year brought an added dimension to our ability to show more properties, and between us we’ll make sure that we can meet you at any house, any time – no problem.
2. Selling your offer – It is imperative that I submit a compelling case to the listing agent on why he should take my deal. Any quality property that’s listed for an attractive price is going to have competing offers, and ours has to stand out.
3. Trustee sales – My primary goal in 2010 is to be able to offer trustee sales to my buyers. It won’t be for everyone due to the risks, but having more homes to consider will be helpful in this low-inventory environment.
4. Keep bubbleinfo running– One of the agents on the board of realtors told me the other day that he thought bubbleinfo.com was unethical.
It would be unethical if I didn’t do this website – I know critical facts about the market, and feel compelled to disclose them. I think I have tempered the presentation here to comply with the Sandicor MLS rules and regs, and conduct a free educational experience here which can benefit consumers and agents alike. But I realize that there will be more people gunning for me than ever in 2010 – but I plan to endure.
How I intend to expand bubbleinfo.com:
A. More interactive opportunities – the pizza and beer party should happen at least a couple of times per year, and I’d like to do more blog talk radio if I can keep the call-in costs down to participants.
B. More personal interviews on video, like the series with Adam on trustee sales.
C. Show more of the intricate details of selling real estate on video.
D. Tell more stories.
I am always interested in what you’d like to see here – ideas are welcome!