Jim Armstrong

Tom,

MLS regulations prohibit the display of a property's address unless you are registered on that particular web site. Site such as Realtor.com, Homes.com, Boston.com etc. never display addresses because they are not owned by a licensed real estate broker, and are designed to send potential buyers directly to the listing agent for more information (including addresses).

Your address is available to anyone who is registered with a real estate agent or broker, which includes most SERIOUS home buyers. You don't want the browsers and just curious peolple anyway.

Good luck with your sale. It's going to be a great spring for both buyers and (serious) sellers of real estate.

Jim - Thu Apr 3 2008, 11:56

Kevin,

I have seen this happen once before, but it was with a developement that was almost completely sold. The builder was looking to close out the project so was very motivated. I think this would be the case with most builders - they want cash for the bulk of their units to pay the financing that they took out. Most of their profit is in the last units that they sell, so they can be a little more flexible and open to some creative financing. Of course they are probably going to want to get your condo at a good price so that they can at least cover costs, if not make a small profit. As far as the broker goes, there would definately be some financial advantages to getting both sell sides. The only thing I would recommend is that you get a good real estate attorney if you persue this because you are not getting the value, experience and protection of a Buyer's agent. Remember the Seller's agent is trying to get the best deal for the Seller and him/herself.

Jim Armstrong - Wed Mar 26 2008, 14:39

Brooke,

All of the sites mentioned are good for finding properties that are in the foreclosure process. The problem with that is most of these homeowners owe more to the bank than their property is worth. So unless their bank (and in many cases, 2 banks) are willing to do a short sale, it's usually not even worth persuing.

You are much better off waiting until the bank ends up buying the property at auction, and then places on the market. I have found that they are much more open to negotiation once they own it, especially if it sits on the market a while. Most good agents can set you up to receive an email when a bank owned property comes on the matket through the use of keywords in your search criteria.

Good Luck.

Jim - Sat Mar 22 2008, 08:58

I have been finding that most banks are willing to pay your closing costs. Just put it in your offer. Even if they turn down paying your closing costs when they counter to your offer, include it again in your next offer. If you insist, most likely they when pay them. Most banks' P&S addendums have a space to enter the Buyer's closing costs written right in. Good Luck.

Jim - Tue Mar 18 2008, 09:13

Tom,

The market for condos in Salem is still pretty good, so that works in your favor. Unfortunately it take a lot longer to sell a condo now that it did back in 2005, with an average market time or 136 days compared with 67 days back then. The prices have dropped somewhat also - 2005 was the height of the market. Since 2005, prices have dropped by almost 10% for 5 room, 2 bedroom condos like yours. Prices are expected to continue to soften in the next year. So you could expect to sell your condo in this market for around $240,000 - if you find the right buyer.

The good news - if you are going to sell your condo, now is the time. Spring is here, and it is busy (at least for us).

We're available if you would like to talk.

Jim - Fri Mar 14 2008, 13:49