INSIDERS INFORMATION- PRIVATE RESERVE SERVICE
Sometimes the world doesn’t make sense. This statement certainly isn’t news and it certainly isn’t any revelation.
For example, would you think that a seller who happens to be a bank would have a problem if we, licensed real estate agents advertised a listing as a Bank Owned or Foreclosure home? You’re thinking to yourself, well, it is what it is, right? Wrong, more often than not, banks do not want their houses identified in the Multiple Listing Services (MLS) as foreclosed homes because they believe that the perception in the buyer’s mind will be to offer less money for the house. Some MLS systems don’t even have a category to check off that it is Bank Owned. This thinking might hold up if it weren’t for the fact that when a buyer goes to write an offer, the seller must be identified in the contract and when that happens, their cover is blown! LOL Good grief! Chase, Wells Fargo, Accredited Home Lending, fill in the blank…this is a bank foreclosure house!
Of course, a buyer seeing no trespassing signs on the windows and other signage on the property might be a good clue that this isn’t owned by a private individual. Don’t forget also, proof of funds required or preapproval for financing required or bank addendum in the MLS will tip off even the thickest of buyers and their agents! So, reality is, it is very hard to disguise a property as bank owned and buyers are going to offer what they are going to offer, but we have to obey our selling clients.
We also are working with many investors selling their properties. Sometimes their properties are listed in the MLS but sometimes we have agreements that the investor will pay us a commission if we bring a ready, willing and able buyer. In events like this, we will need you to sign a confidentiality agreement to protect our commission, which is no big deal, just a fair way to do business.
Email us at: janet@FunCoastLife.com and we will send you a list of foreclosures and short sales that won’t show up on most foreclosure sites or in the MLS! Our team of professionals stand by to assist you whether you are looking for short sales or foreclosures.
Florida Foreclosure