Home Buying in Tampa>Question Details

Omo, Other/Just Looking in Florida

How about if Realtors start directing emphasis on Regular Listings making these short sells Secondary?

Asked by Omo, Florida Tue Jan 20, 2009

Then perhaps people will stop looking to simply let go of their home even though they can keep it, because its the trend or because........... they can.
As I stated in a previous question,there is so much emphasis on short sells, that regular listings are overlooked and secondary on many Real Estate Company websites.

SEE: http://www.trulia.com/voices/Foreclosure/What_happens_if_I_w…

I have seen the power of a Realtor and they are and do create the thermostat in this market.

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What I am finding is that 42% of all sells right now are foreclosures, short sales, or bank owned. It is not because realtors promote them, but because investors are seemingly the main purchasers at this time. Even buyers who are not investors are wanting to pay bottom dollar only.

I wished to God it was different. Do you know how hard it is to find a comparable for a home that was not sold as a distressed property? My search recently found 1 out of 21.

I will be so glad to have this market pass.....as will many other realtors I have spoken with.
1 vote Thank Flag Link Wed Jan 21, 2009
Realtors are not driving the short sale market. It's a function of an over supply of homes due to both affordability and credit issues in the greater real estate economy.

When I work with a buyer it is not my role to rule out or push short sales, instead I educate my clients regarding the pros and cons of each approach.
1 vote Thank Flag Link Tue Jan 20, 2009
Dear Omo,
I understand your point regarding short sales, unfortunately the market is saturated with them. Until the market stabilizes and lenders and homeowners work on resolving this matter~somehow~the short sale inventory will continue. Many mls board office require agents to fully disclose if it is a short sale, foreclosure, or REO, bank owned property. I know when I either list or sell a forclosure, or some refer as distressed properties, there are necessary documents that are needed to be filled out. Hopefully for all involved the market conditions will stabilize.
Laura Higgins
0 votes Thank Flag Link Sat Jan 31, 2009
We actually discourage people from Short Sales because they are anything but SHORT. We push for Bank Owned properties. Lately there are a lot of Bank Approved Short sales which are a bit better than regular sales since bank have BPOs on them already.

People will look for bargains regardless of what we tell them. Bank Owned are actually better bargains than short sales... that's why we push for them.
0 votes Thank Flag Link Thu Jan 22, 2009
Hi Donna, I see that you have read my other questions so you understand why I would post this question. 42% is a big percentage and if 1 in 21 was not a distressed sale this explains alot.
I do know how hard it is. I have lost alot of equity value in my beautiful home because of a distress sale in my neighborhood. I was not part of the unfortuniate who bought high or in the group who borrowed against most of their equity for CASH and are now bailing. I am effected because the odds of my regular listed home selling are low and even though I want to sell my house to move away, I will rent it out and my home will continue to loose its value.

Donna thank you for this information.
0 votes Thank Flag Link Thu Jan 22, 2009
Omo, my company does not list foreclosures or short sales first. I made a statement and asked a question. I am not defensive, I use only the necessary words. I don't try to type 400 words in every post.

We agents explain the option when buyers are under water and have to sell. I asked the second question because your question was not clear. Perhaps if you had explained what you were saying, that you think realtors are ADVERTISING short sales first, I would have known. I don't see any reference to realtor websites or advertising, your question asks about our EMPHASIS on short sales which seemed to me to mean we are promoting them to sellers. As I said, I don't see it in our advertising. Perhaps you see it more in Florida because you have so many more?
0 votes Thank Flag Link Wed Jan 21, 2009
JR, Regular Good Old Fashion Listings is what Real Estate Selling was all about, NO? Remember? You are answering my question on the defensive and stirring the barrel. And to your second remark? That obviously has been true, but 2009, I'm not sure about that !

I am saying almost every time I go to a Real Estate Company web site the first thing I see is a either a reference to short sell experts or foreclosure listings are FIRST. You then have to scroll down to look for regular listings.
All property being equal then why not? I am asking. "Why not make short sell/foreclosure/bankowner listing secondary.

I have some experience in web site development and when we have meetings to determine first imagery, everyone gives there input as to how they want to present what is most important to their company. The first image and/or wording that loads is the first impression and is again, the message of importance to anyone who views a web site. Is called, Advertising Sales Message.

Adam, I am not saying Realtors determine and/or influence sellers to go short sell, that is actually ridiculous and a little dramatic. I am simply asking why not put more advertising emphasis on Good Old Fashion Regular Listings. What is wrong with that? I did not say short sales are easy, my question has nothing to do with that.

Again, the only professional answer is from Mr. Wilson. and I do understand. The condition of the market is a reality. I am only saying that Realtors and their firms have the power to switch advertising emphasis.
0 votes Thank Flag Link Wed Jan 21, 2009
This statement simply isn't true. Most people who are offering their home in short sale have already missed payments are in the process of being foreclosed on. Agents don't make this choice for them and it still hurts their credit. I don't push buyers to teh short sales because the process simply sucks and banks are not dealing well with the short sale process. It's simply a nightmare for Realtors/agents to deal with a short sale and We'd much rather sell a home dealing direct with the owner.
Web Reference: http://www.nextlevelre.com
0 votes Thank Flag Link Tue Jan 20, 2009
People don't opt for short sales unless they're desperate. Or are you suggesting we steer buyers away from short sale situations?
0 votes Thank Flag Link Tue Jan 20, 2009
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