Here is how the story goes.
My friend Dean Orrico got a bank owned listing. It had been for sale, but nobody bought it. It went to foreclosure auction and no investor bought it there. So the bank took it over.
They got it ready to sell, and listed it with Dean at a price of $379,000. He had done a good job of promoting it, but it was still for sale, despite several price drops.
He gets the second most dreaded notice a real estate agent can get on a bank owned
Great! More work. No money. Got to love that one, right?
(The most dreaded notice is, “The asset is being reassigned” Translation, despite all your hard work, the house has not sold and we are jerking it away from you and giving it to one of your competitors.)
Dean emailed me. “We are having a family gathering this week-end. I am playing guitar at church on Sunday. Can you do these two open houses for me?”
“What! You are putting God and Family above work? What is WRONG with you!!”
“Of course I will do them for you, Dean.”
I spend several hours reading and printing material about the auction. The house was currently listed for $349,900. The opening bid at the auction was something like $149,000.
I prepare to sell the house. Ready for 3 competing offers to present to Dean on Monday, after spending 10 hours at the house.
Result? No offers.
The house does go to auction. Does not sell. I was told by one of the investors that the auction is somewhat of a scam. (Her words, not mine) That they advertise a ridiculously low price to get people there, but if their minimum is not met, they will not sell the house.
And so it was with this one. It is back listed with my friend Dean. And the new price is $299,900.
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