Seen this morning in Surprise, Arizona. That’s a pre-printed rider, too, courtesy of the local board of realtors. I might have said “Not Bank-Owned” instead of “Not A[n] REO,” but, either way, we’re seeing the birth of a powerful new marketing message.
Al Lorenz says:
Nice, a big part of that message is “not a hassle with a bunch of unresponsive bureaucratic administrators.” But, the sign is more succinct.
August 14, 2010 — 2:46 pm
Greg Swann says:
> a big part of that message is “not a hassle with a bunch of unresponsive bureaucratic administrators.”
No heartaches, no heartbreaks, no economic waste as the property sits neglected for months.
I have buyers from the Olympic Peninsula who put a getaway home with a pool under contract in February. Here’s the back yard this afternoon:
The pool has been drained for months. On the OP it would have popped out of the ground by now.
The buyers are all-cash. They could have closed in two weeks, and the price they’re paying is very fair. They’ll be back in town in a month, and if Bank of America (gah!) is not ready to close escrow, we’ll go buy something else instead. Brilliant…
August 14, 2010 — 3:27 pm
Teri Lussier says:
I was talking to a seller Thurs about taking the marketing for their home in a completely different direction than what I’d first put in place and it mirrors this. Buyers are experiencing bank fatigue.
August 14, 2010 — 3:23 pm
Alex Cortez says:
BoA? Oh, boy. They have taken efficiency (or lack thereof) to a level only rivaled by government. Back to the post, I have toyed around with the idea of marketing listings with something similar to this but was shot down. Any way to positively differentiate from competing listings is a good thing in my book.
August 14, 2010 — 7:48 pm
Thomas Johnson says:
Why not add: “Live here (or own me) in 45 days or less.”
Not an REO…
“Not an REO” might also connote “You ain’t stealing this one, buddy.”
Adding a message that this is buy-able right away takes it straight to the bank asset managers who think they have great deals a people will take their abuse to get a good price.
This could be the new version of Russell Shaw’s “no hassle listing”. No hassle to buy it!
August 14, 2010 — 8:23 pm
Elizabeth Evans says:
Not a short sale, not a(n) REO = overpriced by an unrealistic seller. The seller “needs” more money from the property than it is worth. These days the property is often a flip where the seller paid too much (a check of the tax records will tell you that) or put too much into the property. The lister is hoping for an impatient buyer.
This is NOT an easier transaction, especially where financing is involved. The property won’t appraise more often than not.
Haven’t seen one of these properties yet worth making an offer on.
August 15, 2010 — 5:11 am
Teri Lussier says:
>overpriced by an unrealistic seller. The seller “needs” more money from the property than it is worth. These days the property is often a flip where the seller paid too much (a check of the tax records will tell you that) or put too much into the property. The lister is hoping for an impatient buyer.
Valid points. But I have buyers who really don’t want to wait for a bank response. Or they have severe allergies and don’t want a home that has mold growing up the basement walls and/or smells of cat urine. Or the thought of a home that’s seen two Midwest winters and two Dayton summers without any utilities being turned on, gives them the willies. They want a home to love, they neither want nor have the time to become skilled drywall hangers. This home is what they are looking for and they see the value in this home. Why not market to them?
August 15, 2010 — 6:08 am
Elizabeth Evans says:
When the post foreclosure flips started hitting the Phoenix market in 2009, the “not a short sale or REO” verbiage started appearing in the listings as another reason for a higher price. Regular sellers, figuring they could extract a premium for the “no hassle purchase” were already using that verbiage in their listings. Now it’s common enough to justify adding it to the sign.
My guess is Teri’s market is not dominated by foreclosures and short sales. Phoenix is, and they largely set the market because they ARE the comps. The majority of short sales in Phoenix aren’t in bad shape, especially if they are occupied, and the foreclosures come in all conditions. Appraisers use those sales as comps, and a lot of “regular seller” and flip deals are killed or renegotiated as a result.
August 15, 2010 — 6:42 am
Sean Purcell says:
@Elizabeth – all real estate is local and, I suggest, so is all experience. San Diego is dominated by foreclosures and short sales as well, but equity sales happen regularly and are met with a breath of fresh air by everyone involved. Some sellers may fit your description of “unrealistic… looking for an impatient buyer,” but not all and anecdotally not even the majority. They are sellers who have adjusted to the new market and (often) are looking to actually move-up because of the tremendous deals that exist.
Out here, advertising a home as neither REO nor short means more agents will show it and more buyers will offer on it.
August 15, 2010 — 7:55 am
Greg Swann says:
> Out here, advertising a home as neither REO nor short means more agents will show it and more buyers will offer on it.
Which puts me in mind of my favorite marketing catch-phrase: “Vacant, on Supra lockbox.” If I can’t show it, I can’t sell it, so, sellers, tell your listing agent to tell you to get the hell out of my way.
August 15, 2010 — 8:00 am
Matt Mathews says:
I’m kind of leaning toward a new sign I saw recently in my town.
“STANDARD SALE”
Found out when I called the listing agent that it was really a Short Sale! She thought that since the home owner wasn’t in foreclosure that using Standard Sale to attract buyers was OK?? I said you forgot the word SHORT after Standard!!!
August 15, 2010 — 12:05 pm
Robert Worthington says:
Interesting market you have Greg. To actually have to put what Matt is referring to as a standard sale.
August 15, 2010 — 3:40 pm
Eric Watts says:
haha ya, think “standard sale” should be enough to attract a consumer..or at least not de-tract the consumer. Interesting message, don’t believe i’ve seen that one before.
August 16, 2010 — 1:39 pm