Selling Poinciana One Property at a Time.: Selling REOs in Central Florida. It Sucks!!

Selling REOs in Central Florida. It Sucks!!

Central Florida Foreclosure

Hi folks. Here are some excerpts from my day. Nothing special really. Just a normal day with trying to sell REOs in my market. ALL of these properties were active in the MLS and had been placed on the market in the last 48 hours.

My Buyers made cash offers ALL well above asking price. Some as high as 20% above list price. Frustrating for the Buyers to say the least. Not to count the hours of my time spent writing and submitting offers. Oh well. The day is over and I am now relaxing by the pool with a good book. Enjoy!!!!

  • This is a just a courtesy E-Mail Letting you know that we have received your offer. There are Multiple Offers on this property and we will be getting back to you within 2 -5 business days with the banks response. Have a great day.
  • Thank you.. we just got an offer accepted today in the morning pending seller's signature..I will keep you offer as a backup.
  • Good Afternoon. The seller has accepted another offer on the above property,  I will advise should anything change with the accepted offer.
  • The bank has accepted another offer. Thank You for all your efforts. We look forward to working with you in the future.
  • I already have an accepted offer on this property.
  • Offer receive it, thank you. Please be advice that this property has multiple offers. The lender is reviewing offers at this time they will choose the highest and best offer


So how was your day?

Thank goodness I placed a couple of my Short Sales pending.

Short Sale Basics

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Comment balloon 35 commentsBryant Tutas • June 16 2009 04:27PM

Comments

Reserved for TLW

Bite me blogboy!!

Posted by Bryant Tutas, Selling Florida one home at a time (Tutas Towne Realty, Inc and Garden Views Realty, LLC) about 10 years ago

I want that sweet BMX bike in the yard. I can put my old mr tuffy wheels on it.

Posted by Mike Russell, Overland Park Kansas Real Estate (Mike Russell & Associates) about 10 years ago

I'm sure things will be better. I went for a listing appointment today. Will have it on the market by Friday. So I guess it was a productive day for me.

Posted by Loreena and Michael Yeo, Real Estate Agents (3:16 team REALTY ~ Locally-owned Prosper TX Real Estate Co.) about 10 years ago

I'm sure the neighbors love this place too.  I feel your pain BB, truly I do.  I also list REOs and I have to tell you working with the "asset managers" isn't much fun either.  But I'm curious if ANY of the listing agents called and asked for Highest and Best from your buyers?  I'm instructed to do that each time we have multiple offers and I'm just wondering since you made no mention of that if you ever get that request on multiple offer situations?

Posted by Tammy Lankford,, Broker GA Lake Sinclair/Eatonton/Milledgeville (Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668) about 10 years ago

Looks like the foreclosure hurricane keeps on slammin'

Posted by Goodbye Active Rain, Out of Real Estate about 10 years ago

Sounds like a sucky day to me. Love the grammar on the emails...that's priceless.

Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) about 10 years ago

Hi BB... I looked at your pic and the first thing that I thought was that another hurricane had hit Florida!  Sounds like an annoying day... hopefully floating in the pool for a while will make it a bit better! 

Posted by Steve Shatsky about 10 years ago

Geesh!  I hope you can bury your nose in that book and forget about it all, at least for tonight.

Posted by Tina Allen (Exit Realty Tri-County) about 10 years ago

Hun...

I've looked everywhere but I can't seem to locate my violin :)

TLW...ROAR!

Posted by "The Lovely Wife" (Broker Bryantnulls Wife) The One And Only TLW. (President-Tutas Towne Realty, Inc.) about 10 years ago

Sure was not a good day. But that picture, wow... what a mess. Are they leaving properties like that? Hope your drink and pool were enough to melt the day away.

Posted by Andrea Swiedler, Realtor, Southern Litchfield County CT (Berkshire Hathaway HomeServices New England Properties) about 10 years ago

LOL @ TLW!  I know I felt the same way with one of my clients....Fortunately I called before writing up the offers so at least I didn't have to worry about wasting too much time.  Just think this is probably the worst day you'll have this week.  It can only get better from here.  :)

Chanda panda

Posted by Chanda Barrick, in referral (Keller Williams Indy Metro Northeast) about 10 years ago

BB - you are lucky on several counts. 1 - You are by the pool; 2 - You have a good book; and 3 - You actually got a response in multiple cases on your offers. Most of the time you get no response and it's difficult to even confirm your offer was received.

Enjoy your book and a swim.

Jeff

Posted by Jeff Dowler, CRS, The Southern California Relocation Dude (Solutions Real Estate ) about 10 years ago

WOW that does really suck. I cant believe that they would do all that stuff there is trash everywhere.I have had a similar story but it has been graffiti and broken windows that is about it. O and the Grass and stuff everywhere some trash too but I don't think Like that.

Have a great day,

Kim White

Posted by Kim White LeBlanc (Keller Williams Las Vegas Realty) about 10 years ago

 

As seen on "Craig's List" Free Stuff, near the curb. Help yourself, no need to knock.

Bryant,

I'm not going to rant on dealing with banks, until your Board takes a stand REALTORS will keep volunteering for this non-sense!

There is no excuse for this not being flagged as offer pending! I'd be commenting so satanically that with the inconsiderate listing incompetent wouldn't need phones.

Bill

 

Posted by William J. Archambault, Jr. (The Real Estate Investment Institute ) about 10 years ago

Bryant - But your bad day is another agent's Great Day! :)  You got two pending and one potential, big congrats!!

Posted by Wendy Rulnick, "It's Wendy... It's Sold!" (Rulnick Realty, Inc.) about 10 years ago

I think you already know how my day went....hey did you know that we are in a bad economy.  I never knew until a short sale negotiator told me that today!

Posted by Jeff Payne, Panama City Real Estate (The Payne Group at Keller Williams Success Realty) about 10 years ago

Bryant - Since when do you have time to attend garage sales?

Posted by Laraine Shape, Selling Cincinnati...one kitchen at a time (Comey & Shepherd Realtors) about 10 years ago

Bryant- That is one thing you would never see in Wellington. The Village has code enforcement officers driving all over the place. They will hire someone to clean up and mow lawns, etc, then lien the house for those code violations and you can't pass title without them being paid off. So the lenders learn very fast here that they have to keep things looking spiffy and clean. That is one of the best things about living in Wellington, everywhere you go, it is nice. You can not tell the foreclosures from the regular listings.

Posted by Katerina Gasset, Get It Done For Me Virtual Services (Get It Done For Me Virtual Services ) about 10 years ago

Hey BB - I have had an offer in on a REO property for 15 days now and have made calls to the listing broker every other day and they will not give me an answer. The assistant won't even let me talk to the listing agent.

Posted by Robert Schwabe, Orange Park Real Estate (EXP Realty) about 10 years ago

Wow, what a mess. We don't have a lot of REO property here and the few that are here you would never know it by looking at the houses.

Enjoy your book and pool, sounds like you need some R&R!

Posted by Linda Breeding (Keller Williams Realty ) about 10 years ago

Over the weekend, I took buyers out for a second Saturday in a row. They've given up on their prime neighborhood and moved one neighborhood over, where the bidding is fierce. We find an REO offered through Homesteps. It's been on the market for 40 days. Great house, excellent condition. Buyers are excited. Come to find out there are already over 60 offers on the house. Can't get through to the listing agent since mailbox is full. Next day, mailbox is cleared out. Message says to contact LA at special email address. I get an answer at the end of the day. Best offers have already been culled out, best and highest asked for, decision will be made soon. Meanwhile, the offers grow. I find out from another agent today that it's reached over 70 offers. Agents are writing up contracts without contacting the listing agent for the story. 

Buyers settle on choice #2. Price is 20% below market. An obvious come-on. Offers have to be in by the weekend. Another bidding war.

We make one last search. Go out this morning and again this evening. House #3 is just right. Not too gaudy, very practical, and priced right as a Short Sale. No competition on the offer. Fingers crossed for #3.

It's a jungle out there!

Posted by Judy Chapman (Referral Network of Illinois LLC) about 10 years ago

BB - I've seen my share of listings that look like that on the inside but not on the outside.  I worked my tail off today and would love to be sitting by a pool reading a good book right about now!

Posted by Julie Dumaine-Russell (RE/MAX Alliance) about 10 years ago

Bryant, how much do they want for the wide screen TV set???

Sounds like you had a day that you would like to forget about :)

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) about 10 years ago

Sounds like real estate is really jumpin' in Florida, Bryant.  I know of several other people that would join TLW in that violin search.  :)

Posted by Heather Chavez, Real Estate Virtual, Assistant (928) 692-3235 (Second Self Virtual Assistance) about 10 years ago

BB,

Well I'm really surprised, looks like things are really moving there.

As for REO's we're seeing multiples on almost everything here too. It's all pretty much entry level stuff.

Posted by Lynda Eisenmann, Broker-Owner,CRS,CDPE,GRI,SRES, Brea,CA, Orange Co (Preferred Home Brokers) about 10 years ago

I'm with Bill above - at least you are getting responses. We are in a waiting pattern with two agents, and one buyer who wants to submit an offer on something - for some reason we can't figure out which property as it keeps changing from their end: day one I send the offer to be signed, then I get yelled at for sending an offer for a wrong property, so I send another one, it's wrong again, third day I send yet another, it's still not the correct one - ARGH! Stop changing your mind people. I know what I hear and sent the one you wanted before you yet again changed your mind!

Now that felt good to get out of my system :) - Thanks ~Rita

Posted by Brian Burke, Broker & Advising Expert-Denver Luxury Real Estate (Kenna Real Estate) about 10 years ago

HA HA HA, I'm sorry, but this was really funny man! lol...

Posted by Greg Nino, Houston, Texas (RE/MAX Compass, formerly RE/MAX WHP) about 10 years ago

Bryant, it's a sign of the times with foreclosure listings priced well below market value.  Then the banks won't appraise a market value home where the owner still has equity.

Posted by Gabe Sanders, Stuart Florida Real Estate (Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales) about 10 years ago

YIKES!

 

Bryant, whatever you do....don't DRINK and DIVE!!!  (ar ar ar....)

Posted by Coleen DeGroff, Haile Plantation Real Estate - Gainesville FL (eXp Realty) about 10 years ago

PSSSST.... BB Don't let TLW find out but I think Erica Smith wants to "link up" with you. Sounds like a good time - LOL

Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) about 10 years ago

She...

Should probably concern herself with the whip and the guns. Maybe she doesn't know they are not props :)

TLW...ROAR!

Posted by "The Lovely Wife" (Broker Bryantnulls Wife) The One And Only TLW. (President-Tutas Towne Realty, Inc.) about 10 years ago

TLW hooking up with Erika would be fun to watch....maybe.

My market is slamming right now. Last year this time Poinciana was averaging about 25 sales a month. Now it's up to about 130-150. But it's really cheap properties $50k-$70k that are flying off the shelves.

REOs are getting so difficult to get that the short sale listings are start to move much quicker. Buyers and their agents cannot avoid them anymore of they want to buy or sell a house. That's good for me!!!

Posted by Bryant Tutas, Selling Florida one home at a time (Tutas Towne Realty, Inc and Garden Views Realty, LLC) about 10 years ago

Bryant - It is all good ! It shows that you are in the market and in the trenches !  Ultimately, good things happen.  Anyways, you know that : ) !  You have a great attitude.  Congrats on putting some of those short sales pending.  We will be putting one of our short sale listings pending today as well !

Posted by The Somers Team, Real People. Real Dreams. Real Estate. (The Somers Team at RE/MAX Access) about 10 years ago

Is that a 50 inch TV that I see in the background? If there are no takers,I will be more than willing to take it off your hands. Just kidding. But things will get better for all of us-It will. Have a great weekend Bryant. Great post.

Posted by Lanre-"THE REAL ESTATE FARMER" Folayan, I don't make promises.I deliver results.SOLD HOMES (Keller Williams Select Realtors-Buy a home in Washington DC. Sell a home in Washington DC) about 10 years ago

BB - Wow, looks like you're having a lot of fun. Thanks for reminding me why I have refused to make this my niche. I'd rather have a root canal.

Posted by Carol Culkin, Overland Park (Reece & Nichols) about 10 years ago

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