tag:blogger.com,1999:blog-2740556909864494483.post5732077660878706016..comments2024-03-22T16:30:48.999-05:00Comments on Key West Properties: Key West on National Open HouseGary Thomashttp://www.blogger.com/profile/03006513292595034076noreply@blogger.comBlogger5125tag:blogger.com,1999:blog-2740556909864494483.post-6980581360143896712008-07-12T03:38:00.000-05:002008-07-12T03:38:00.000-05:00In foreclosures the bank asset manager sets the as...In foreclosures the bank asset manager sets the asking price. Not the Realtor.<BR/><BR/>The asset manager uses an appraisal to determine the price based on recent comp sales. Appraisals look <B>backward</B> to see what sales were.<BR/><BR/>In a fast moving and declining market, an appraisal that was done in say late 2007 for a house listed in February 2008 and trying to sell it in July 2008 may be worthless--or nearly so.<BR/><BR/>Banks are using BPOs (broker price opinions) or sometimes drive-by appraisals (not full blown) as a tool to reconsider the price of properties that have not sold or on which a low-ball offer has been received. These can be done quickly and cheaply and do provide current input that might persuade an asset manager to reprice a stale asset.<BR/><BR/>GaryGary Thomashttps://www.blogger.com/profile/03006513292595034076noreply@blogger.comtag:blogger.com,1999:blog-2740556909864494483.post-69874266257077952462008-07-11T14:11:00.000-05:002008-07-11T14:11:00.000-05:00I remember the earlier post you did. It was calle...I remember the earlier post you did. It was called "Dirty Pool." I think the property was listed at $699K. Just more proof that properties priced correctly will sell. When someone says "I can't sell this property" it is because it is priced too high.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2740556909864494483.post-502638134193904912008-07-11T11:10:00.000-05:002008-07-11T11:10:00.000-05:00More info on 1310 Olivia. The bank pulled the lis...More info on 1310 Olivia. The bank pulled the listing and gave it to the new realtor. Within an hour or so, the new agent had six written offers.<BR/><BR/>The bank accepted one offer within a few hours.<BR/><BR/>GaryGary Thomashttps://www.blogger.com/profile/03006513292595034076noreply@blogger.comtag:blogger.com,1999:blog-2740556909864494483.post-11543475406714185992008-07-11T09:38:00.000-05:002008-07-11T09:38:00.000-05:00Sure. It's a bank foreclosure that I wrote about a...Sure. It's a bank foreclosure that I wrote about a couple of months back. Good location in very stable area. Neighboring houses are superior to this house. This is a good house that got neglected by foreclosure. Prior listing agent did not have electricity turned on so the pool turned emerald green and the place smelled of mold. That agent's listing expired 7-7-08. <BR/><BR/>A different company gets new listing on 7-8-08. He gets the pool drained and takes aggressive action to market property. He may have had a buyer waiting to pounce once he could see the bottom of the pool That is probably the case.<BR/><BR/>The banks don't pay expenses to maintain their assets "up front" so it is up to the agents to fork out potentially thousands of dollars and submit bills for reimbursement later. <BR/><BR/>I don't know if a dirty pool and the smell of mold turned off buyers. It didn't help, however.<BR/><BR/>GaryGary Thomashttps://www.blogger.com/profile/03006513292595034076noreply@blogger.comtag:blogger.com,1999:blog-2740556909864494483.post-54884852356428657502008-07-11T07:47:00.000-05:002008-07-11T07:47:00.000-05:001310 Olivia is contingent after only one day on th...1310 Olivia is contingent after only one day on the market. Can you comment on that?Anonymousnoreply@blogger.com