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Baron Chestney's Blah Blah Blog

Discount Real Estate Brokers Serving the Entire San Francisco Bay Area

By Baron Chestney | Broker in San Francisco, CA
  • Sh*t Sales 101 for Buyers - Baron Chestney's Blah Blah Blog # 12

    Posted Under: General Area in Foster City, Home Buying in Foster City, Property Q&A in Foster City  |  June 7, 2012 11:24 PM  |  1,880 views  |  No comments
    2% cash rebates for home buyers and 2% commission discounts for home sellers with the Baron!

    So, one might ask, WHY on earth would any agent, or any potential home buyer, waste time with "short sales", or, as we call them, "sh*t sales"?! What do they hope to gain? Everyone knows that sh*t sales almost never succeed (the success rate is about one percent).Therefore , the agent will never get paid, the listing will never sell, and the buyer will never get the home. The seller wastes time with a sh*t sale because the seller has few (if any) options or alternatives and therefore is duped into the sh*t sale with the false promise that the house may sell for that ridiculously low price (it doesn't because the bank will not approve the sh*t sale -- they make way more money by just foreclosing!).  The buyer is naturally interested in a sh*t sale because of the falsely advertised low and completely unrealistic price. So, it's easy to understand the motivation for home buyers and home sellers (they are both being lied to), BUT, then, why would any agent agree to list a sh*t sale, knowing that they are not going to be getting paid a commision (since the sh*t sale will never go through)?! The answer is potential clients -- poor, stupid, desperate, gullible clients, upon whom they hope to prey. A sh*t sale listing is simply free advertising and free PR for a stupid, lazy, desperate agent. They know they won't sell that property, but, they will meet prospective buyers at the open house. These buyers may instead wish to buy a "real" listing somewhere else. They will meet nosey neighbors, too, who may actually wish to sell their own homes, which may not be under water. Just like the SH*t sale is good pr for the bank, it's also good pr for the lazy, stupid, desperate agent. The main difference is that the bank is eventually going to get paid -- they will eventually sell the house as a bank owned or REO (real estate owned) property, after the sh*t sale fails and they foreclose upon the house. The agent, on the other hand, will most likely never get paid - certainly not from the sh*t sale, but they are hoping and praying to pick up a buyer for another home or a seller of a different home, or both. Any smart buyer's agent would NEVER waste their time writing offers on sh*t sale properties because they know it is a complete waste of everyone's time. The best strategy for a home buyer wishing to puchase a property that is listed as a sh*t sale is to simply wait for the sh*t sale property to get foreclosed upon, and then pursue it later when it resurfaces a few months later as an REO (Real Estate Owned, or bank owned) property at a reasonable discount -- THAT is what a smart buyer does! The smartest home buyers of all call US, to purchase bank owned properties (or any properties) --and not only get a good deal, but also get a rebate back when purchasing a bank owned (or any) property!!!
 
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