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Home Foreclosures

Foreclosure Banks Make Huge Mistakes

Chuck Marunde by Chuck Marunde
September 9, 2009
Reading Time: 2 mins read
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There’s a fascinating thing happening in the real estate market right now across the country.   I’ve seen in right here in Clallam County several times.   A home that was foreclosed on and is now for sale in the MLS receives a reasonable offer from a pre-qualified buyer, and the bank kills the transaction demanding unreasonably high prices.

I’m not kidding.   Sure, we all have heard the story of the buyer who got lucky and snatched the deal of the century, a home for $100,000 less than its fair market value.   We probably all heard the same story about that same guy.

But seriously, imagine a bank countering back and forth on a foreclosured home for sale and killing the deal over $5,000.   It happened.   Imagine a foreclosure in the MLS for $300,000 (plus or minus to disguise the actual listing) and the bank refusing to accept an offer from a pre-qualified buyer at $279,000 (plus or minus), when that is actually a fair offer.

The word is that banks don’t really want to own real estate.   That may be true, but try telling the clerks on the east coast in the loss mitigation departments of those banks that they are killing good transactions.   They don’t know our market, and most of them probably never were in real estate sales or negotiations of any kind.   It’s crazy but true.   I’ve written about the chaos in the foreclosure market.   Believe me, it is chaos in the foreclosure market.   But don’t expect any great deal.   The banks wouldn’t know a good offer if it landed on their desk in New York.

What’s your best opportunity to buy a great home at a great price?   A home in the MLS that is not a foreclosure or a short sale.   This comes from a full time Realtor who has been there, done that, and many times for many clients.   Don’t waste your time hoping upon hope that you’ll be the one to get a steal on a foreclosure.   There are plenty of great homes for sale by owners who are not in foreclosure.   They are more willing to intelligently negotiate than a bank on the east coast.   By a long shot.

Last Updated on September 9, 2009 by Chuck Marunde

Tags: Sequim Foreclosures
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Chuck Marunde

Chuck Marunde

Chuck grew up in remote Alaska, graduated from the University of Alaska with a degree in Economics and Teacher Certification, and after teaching high school for two years, went to law school at Gonzaga University in Spokane, Washington. He served four years as a Captain and JAG in the USAF at Nellis AFB in Las Vegas. After practicing real estate law for 20 years in Washington, Chuck founded iRealty Virtual Brokers covering Sequim and the beautiful Olympic Peninsula. He is the author of 2,200 real estate articles and a dozen real estate books, and he produced over 100 real estate videos. Chuck combined his love for real estate and technology to create a massive Internet presence, and his articles and videos and books have been viewed by millions. Chuck is a well recognized real estate expert and his counsel is sought by other brokers and practicing attorneys around the country. Buyers from New York to Hawaii and from Florida to Alaska seek him out to retain him as their buyer's agent, and home owners around the State of Washington seek him out because of his new Flat Fee Listing Service. 

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  • Home
  • Search MLS
    • Sequim MLS
    • Sequim MLS Map Search
    • Port Angeles MLS
    • Port Townsend MLS
    • San Juan Islands MLS
    • All Islands MLS
    • How to Search the Sequim MLS
  • Videos
    • Sequim Videos Q&A
    • Buyer Videos Part 1
    • Buyer Videos Part 2
    • Buyer Videos Part 3
    • Buyer Videos Part 4
    • Living in Sequim Video Channel
  • Books
    • Sequim Real Estate for Buyers (Free eBook Updates Forever)
    • Sequim Real Estate: A Buyer’s Guide (Paperback)
    • Escaping California to The San Juan Islands
      • Menu Below
    • Buying & Selling Real Estate in The Rain Shadow
    • Real Estate From Bricks & Mortar to High Tech Virtuality
    • The Seven Myths of Selling Your Home
    • Buying Your Retirement Home
    • The New World of Marketing for Real Estate Agents
  • Agents
    • Professional Buyer’s Agent
    • Flat Fee Listing Broker

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