Negotiating with Asset Managers

With more and more foreclosures coming on the market the most often heard question is "How does this foreclosure thing work?" "How cheap can I get this property?" The answer will very from property to property not unlike a "normal" transaction. With foreclosures, days on the market will give you a clue to how the asset manager will likely negotiate with you, the longer on the market the more creative they will be. But first you must have all your ducks in a row. When making an offer you need to have everything filled out correctly along with your pre-approval or bank letter showing available funds if you are a cash buyer. Just like a normal seller if the property is on the market less then 30 days chances are you won't like the counter offer you get if you get one! The process you go through with the offer to acceptance isn't that much different then a normal transaction. Most banks will take about 48 hours to give you a response especially if all offers are presented electronically. If you are looking to buy foreclosures working with an agent that has experience with these type of transactions will make the process a little easier. Call me I can Help!

I just started to add a Monthly Newsletter to my web site www.RoryMolnar.com click on this link to view my January 2009 Newsletter.

2008 Henderson County Year End Totals

The data I use is from the Western North Carolina Regional MLS and is for Henderson County NC. This is an overview and really helps prove my point to sellers. Using only the residential real estate the numbers show that Henderson County decreased in number of transactions from 1874 in 2007 to 1202 in 2008 a 35% decrease. The average sale price decreased from $259,874 in 2007 to $232,507 in 2008 which is a 11% reduction. as a whole the sales volume in 2008 dropped 43% from the 2007 volume.

What this means to a seller is if you want to sell your home you have to make it the best value for your type of home & neighborhood. That is nothing new you always had to do that or the buyer would just buy the competition home. What is different now is in order for your home to be the best value you as the seller have a whole lot of work to do. You must price it approximately 10% below what the market shows. because of declining values you need to stay ahead of your competition. You also need it to show well. That means removing the clutter, fresh paint or clean the walls, kitchen & bathrooms real good. If your carpet or flooring looks dated or worn you should update it. You should have a pre-listing Home Inspection. You should use a full time Realtor. One that has a strong Internet presence to market your home. Since over 80% of buyers start their search on the Internet you need to have your home on the web in a lot of different places like Realtor.com and REMAX.com the #1 & #2 places people go to, to find real estate listings.

Call me, Rory Molnar, or just email me at Rory@RoryMolnar.com for more information. If you are a buyer or seller please look at http://www.rorymolnar.com/ to find answers to all your Western North Carolina Real Estate Needs!