Short Sale Does Not A Deal Maketh

It has been a rather interesting few past days in the Tampa Real Estate Market.  We have brought alot of clients through homes and I have begun to see a pattern.  I do not actually take the clients out, my wife handles alot of those where as I take on the commercial clients (I needed to say that or she would kill me), but what I have noticed is that everyone wants "A Deal".  Not just any deal, but a deal where the bank is involved.  For some reason, and maybe because the media has made this whole thing out to be something it is not, these clients want only Pre-Foreclosures, Bank Owned, Short Sales, and the like.  Not because it is necessarily a good deal, but because it is perceived that it is a good deal.

Here is what I mean, for example, I show (I mean my wife shows) 2 houses of like build quality, like condition, in the same neighborhood.  Let's say they are both priced the same.  The only difference is one is a Short Sale, and one is not.  The perception is that the Short Sale property is the better deal.  Trying to educate them to the difference sometimes goes to a deaf ear.  People are so hooked on the idea that if a bank is involved, it is automatically a "Great Deal" that it is difficult to try to explain why that may not be the case.  Don't get me wrong, there are some great deals out there being offered by the banks, but just because the bank is involved does not necessarily make it a great deal.

Let's do another example, this one occurred today.  A client calls and want to see 2 homes.  He actually wants to buy them both, but only because they are pre-foreclosure.  These homes are not listed but I can track down the info to possibly get it done.  My wife goes a different route, shows them equivalent homes in the same development, even on the same streets, at pretty close to the same value that he may be able to get them from the bank if need be.  Not interested since the are not perceived to be a good deal, no bank involved.

What we have noticed lately is that the banks, at least in the Tampa Bay area, are pretty much pricing the homes with little room to negotiate.  At least this holds true in the sub $150,000 range.

It is getting so bad, that I spoke to one of the agents in my office that actually holds a board position on our board of Realtors to see what would happen if I just added that the some of my listings were in Pre-foreclosure (I know, I know, don't everybody jump all over me about this, but think if I could, what a marketing concept).  He basically told me that it would be ethically wrong (but he thought it was a good idea...).  I mean after all, my job is to get these properties sold as fast as I can, and if my sellers don't care, why not (I'm not doing it so don't worry about it).

So to make another long story short, try to educate your buyers as to what constitutes a deal.  Make sure they understand deals are dictated by the numbers and not the players involved.

• Tampa Real Estate
• Tampa Foreclosures

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