Buyers don’t say banks don’t have a heart

By
Real Estate Agent with Keller Williams Realty

Are in the market for a home that is either in a short sale situation or is already owned by the bank? Don't think just because the home is in this type of situation that they can't be human and get the bank to give you the home over other offers.

When I negotiate for a buyer for a home that is either a short sale or a bank owned property, I have my buyers put in a letter telling the bank about themselves and why they really want the home.

You know what happens when I do this? The bank actually shows they care and even if our offer isn't the best, we've won out over investors. You see, sometimes the banks are not actually holding the note on the home they are just servicing the note for an investor. They'll send the offers to the investor and every once in awhile they show heart and let my buyers have the home.

Right now, I'm negotiating for a foster care home. I have found out that there are special grants for homes bought for this purpose and that the investor may get a special tax break for selling it to a foster care facility. My clients knew about this little law and wrote a letter to the bank and guess what, it looks like our offer has been accepted despite being over $100,000 less than what is owed the bank.

So, buyers don't forget your letter about you and your situation. Maybe, just maybe, it will get you that home that you thought was out of your price range for an amazing price. If you are in the market for a home in the Washington County area of Oregon, please don't hesitate to call me and I will help you find the best deal possible, be it a short sale, foreclosure, or just a home that has to be sold yesterday.



Todd Clark - broker
Kastings & Associates
Phone: (503)524-9494
Fax: (503)622-8739

Photo courtesy of andreyutzu

 

Posted by


Todd Clark (broker w/ Ken's Home Team)
Keller Williams Realty
Todd@IFoundYourNewHome.com
Phone: (503)524-9494
Fax: (503)746-9573

 

 

 

 Follow Todd Clark on FacebookVisit my websiteFollow me on Twitter



 I am a licensed Realtor who specializes in Washington County, Oregon and also work in both Clackamas and Multnomah Counties including the cities of Aloha, Beaverton, Canby, Clackamas, Gladstone, Gresham, Happy Valley, Hillsboro, Milwaukie, Oregon City, Sherwood and Tigard. All information contained in these posts are copyrighted and cannot be used without prior written approval authorization from the author me Todd Clark. If you are looking for an outstanding agent please give me a call I would love to help you with all your real estate needs.

 

What if there was a way you could search the  MLS for FREE just like Realtors

Now you can access the MLS using similar tools as Realtors. You are in control of what you want to search for, and you can search the MLS at your leisure. The information you submit in the form below can also be used to put you on an automated system where you'll be emailed all homes that meet your search criteria. You'll get internet access to a website that includes pictures, prices, and addresses to real estate that's listed in the MLS!

5 Star Professional 2011  5 Star Professional 2012

MyFreeCopyright.com Registered & Protected

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Home Buying
Location:
Oregon Washington County Tigard
Groups:
1st Time Buyers
Dedicated Bloggers
Local Expert
Tags:
short sales
reo
bank owned
buying
letter
negotiations
help
heart
inspiration

Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the lamp to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Show All Comments
Rainmaker
1,391,000
Tom Braatz
Re/Max Realty Center 262-377-1459 - Oconomowoc, WI
Waukesha County Realtor Real Estate agent,Waukesha

Todd

Having a letter with the Offer shows everyone the human side, and that you go that extra mile for people.

Sincerely

Tom Braatz

October 01, 2008 11:28 AM #1
Rainmaker
229,974
Debbie Summers
Charles Rutenberg Realty - Orlando, Florida - Lake Mary, FL
MoveToLakeMary.com or 407-758-1020

Todd, I've had positive and negative responses from agents in the past... How do the listing agents respond?

October 01, 2008 01:28 PM #2
Ambassador
2,032,224
Todd Clark
Keller Williams Realty - Beaverton, OR
Broker - Beaverton, Oregon Real Estate Expert - (503) 524-9494

Tom - Everyone is different, but it certainly can't hurt!

Debbie - I've had some agents who hate it, but on those kind of agents I make it an addendum so I know the seller actually got the letter. I also try to personally present my offers and the lazy agents who want to stay home and e-mail the offers to their clients hate that also. OH, WELL! Last I checked this was a business that required human interaction.

October 01, 2008 01:37 PM #3
Rainer
68,801
Judy Tuscano
Prudential Verani Realty - Nottingham, NH
NH Real Estate Professional

Todd - this is a reminder to me to keep the human element alive even with bank owned property. I used to do this a lot then the bank owned properties glutted the market and dealing with them can give one a sense of no humanity but this proves they can still be an affect.

October 01, 2008 05:22 PM #4
Ambassador
248,547
Fran Gatti
RE/MAX Coastal Redwoods - Crescent City, CA
Realtor, CDPE, RDCPro - Crescent City CA Real Esta

Todd,

Great idea.  Thanks for sharing.

October 01, 2008 09:48 PM #6
Rainmaker
639,012
Fran Gaspari
Patriot Land Transfer, Inc. - Limerick, PA
"The Title Man" - Title Insurance - PA & NJ

TC,

Again, another positive wrinkle in real estate marketing by a true professional!!! Thanks,   Fran

October 01, 2008 09:57 PM #7
Rainer
46,831
DJ Swanepoel
Real Estate Wiki - Los Angeles, CA

Yeah, keeping an eye out is important, as is always trying. Thanks for the great post:)

October 01, 2008 11:16 PM #8
Ambassador
876,211
Larry Bettag
Larry Bettag - Cherry Creek Mortgage - Saint Charles, IL
Regional Vice-President

Some good eye opening ideas here Todd.  I think you're right.  As servicers, they're just doing what their contracts call for.  Good info in tough times.

October 02, 2008 08:15 AM #9
Ambassador
402,062
Virginia Hepp
ERA - Mesquite NV Homes For Sale - Mesquite, NV
Mesquite NV Homes and Neighborhoods - Search MLS

Todd - I do use buyer letters, but never thought of using one with a bank owned home.  Of course, why not?  There is a person there behind the computer and phone - I am awarding you the "think out of the box award."

October 02, 2008 02:14 PM #10
Ambassador
2,032,224
Todd Clark
Keller Williams Realty - Beaverton, OR
Broker - Beaverton, Oregon Real Estate Expert - (503) 524-9494

Judy - I think we need to bring back the human element to short sales or REO or it will just become another reason for people to complain about Realtors. I'm already starting to see it here in Portland with agents that list these properties not calling leads or other agents back.

Fran - Tell me if it works in your neck of the woods, I don't know why it wouldn't but you never know.

October 04, 2008 03:51 PM #11
Ambassador
2,032,224
Todd Clark
Keller Williams Realty - Beaverton, OR
Broker - Beaverton, Oregon Real Estate Expert - (503) 524-9494

Fran - Thanks, that means a lot. I just think we need to make this a human business again instead of a numbers game. So many of my successful investors have taken this attitude and they are still going strong even as the market went sour.

DJ - I always keep an eye out for my clients, it is their biggest investment.

October 04, 2008 03:53 PM #12
Ambassador
2,032,224
Todd Clark
Keller Williams Realty - Beaverton, OR
Broker - Beaverton, Oregon Real Estate Expert - (503) 524-9494

Larry - I don't think people think that there are humans at the banks anymore, but I've seen families win out over investors twice in the last 3 months and the investors offers were better!

Virginia - Thanks! Why not, it isn't a computer deciding, it is a bank individual and I'm starting to think the banks are blaming the investors for some of the mess we are in right now and starting to back lash against them.

October 04, 2008 03:55 PM #13
Ambassador
402,062
Virginia Hepp
ERA - Mesquite NV Homes For Sale - Mesquite, NV
Mesquite NV Homes and Neighborhoods - Search MLS

Todd - A house sold this week at a type of casual auction - Some guys bought up some foreclosures in bulk and then held their own auctions, one by one.  I spoke to them about one house - they were rooting for a young couple and were thrilled when they won.

Not a bank, but a group of investors who are flipping foreclosures - they had a heart!

October 04, 2008 05:52 PM #14
Show All Comments
Ambassador
2,032,224

Todd Clark

Broker - Beaverton, Oregon Real Estate Expert - (503) 524-9494
Ask me a question
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the truck to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Additional Information