The Mesquite Nevada Real Estate Blog

Mesquite Nevada Foreclosures - Price Your Home Like a Bank Owned Foreclosure

Homes listed for sale in the Mesquite MLS and Foreclosure Properties - What do they have in common?

Well, it should be the price.

People who might want to buy a home in Mesquite NV are asking about bank owned foreclosure properties.  They are looking for the best house for the least money.  They want a "smokin' deal."

Can you blame them?  NO.

Mesquite is experiencing a buyer's market.  We have a good supply of foreclosure properties on the market - bank owned homes.  As the banks get more inventory, they get motivated.  Buyers are starting to jump off the fence and look at these bank owned homes for sale in Mesquite!

But people who want to buy a home also want to see other homes for sale that compare in price.  A buyer might be willing to give up some of the features that he is looking for to get a good price, whether it is a bank owned home or one from our large inventory of homes for sale in Mesquite.

For information about buying a Mesquite NV bank owned foreclosure property

Anyone who wants to list a home and sell in our current market will need to price it to compete with the bank owned homes in our Mesquite local market.  Or expect to wait a very long time for the home to sell.

 

The owner of this home considered the market when he listed his home for sale at 880 Tucson Mesquite NV 89027 and priced it to sell at $150,000 - and he is even willing to help a buyer with closing costs:

 

Mesquite Nevada Home For Sale 880 Tucson Mesquite NV 89027 - Foreclosure Properties

 

                                 Mesquite Nevada Real Estate Agent  ~ ~  ERA

Virginia Hepp
 
Virginia Hepp ~ Mesquite Realtor
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Comment balloon 19 commentsVirginia Hepp - Mesquite NV REALTOR • November 20 2008 02:02AM

Comments

I've been explaining to my sellers that if they really want to sell their house, they have to price it right. And these days that means pricing it to compete with the banks.

Posted by JL Boney, III, Columbia, SC Real Estate (Coldwell Banker) over 10 years ago

JL - yes, if they want to sell the home, they have to consider the foreclosure properties as direct competition - also, the banks are starting to offer incentives to buyers - they are starting to pay attention.

Posted by Virginia Hepp - Mesquite NV REALTOR, Mesquite NV Homes and Neighborhoods - Search MLS (ERA - Mesquite NV Homes For Sale) over 10 years ago

Virginia, it's great when sellers take into account the "real" marketplace and the competition they are up against. Glad you got them to price realistically. Very nice home with wood decking!!

Posted by Gary Woltal, Assoc. Broker Realtor SFR Dallas Ft. Worth (Keller Williams Realty) over 10 years ago

Gary - Thanks - it is a beautiful home, looks like it was staged - these sellers are very realistic and know that all the buzz is about foreclosure properties - in Mesquite, like other areas.

Posted by Virginia Hepp - Mesquite NV REALTOR, Mesquite NV Homes and Neighborhoods - Search MLS (ERA - Mesquite NV Homes For Sale) over 10 years ago

Hi Virginia!  Former high-end clients of mine are calling me wanting to find a foreclosure now and they want one DIRT cheap!  Unfortunately for them, the ones that ARE dirt cheap are in areas that has alot of rentals, etc.  Conversely, the sellers still want those 2006 prices when they truly do, as you pointed out, need to price them according to their competition.  It's a vicious circle and if they want to SELL now, they need to play the game!

Debe in Charlotte

Posted by Debe Maxwell, CRS, Charlotte Homes for Sale - Charlotte Neighborhoods (www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310) over 10 years ago

Debe, I know - I feel bad for the people who really need to sell, and it is tough being the one to dish out reality checks, but the fact is, if foreclosure listings are a better deal, people will buy them and spend some $ to fix them up if necessary.

Posted by Virginia Hepp - Mesquite NV REALTOR, Mesquite NV Homes and Neighborhoods - Search MLS (ERA - Mesquite NV Homes For Sale) over 10 years ago

It's amazing that there are Realtors here who not only take a listing for a property that is priced $50,000 higher than everything listed nearby, but they'll even price it $50,000 higher than the identical floor plan that sold a year ago, which is when they started "thinking about" selling it. Maybe if I were just a listing Realtor and not a service Realtor.

Posted by Not a real person over 10 years ago

Hi Russel, many Realtors play the number game, the more listings the better - it is doing a huge disservice to the seller, who may end up in foreclosure himself if the property sits on the market and the payments are too much for him.  Also it takes a lot of work to set up the internet ads and do the paperwork, real estate agents are wasting their own time, too.

Posted by Virginia Hepp - Mesquite NV REALTOR, Mesquite NV Homes and Neighborhoods - Search MLS (ERA - Mesquite NV Homes For Sale) over 10 years ago

Virginia,

This is why I am shy of taking listings now. I would have to tell the sellers exaclty what you say, that they need to price it like REO in order to be able to sell, and they are not happy hearing this.

 

Posted by Jon Zolsky, Daytona Beach, FL, Buy Daytona condos for heavenly good prices (Daytona Condo Realty, 386-405-4408) over 10 years ago

Jon - this smart seller already knew what he needed to do to sell - get in tune with the foreclosure properties and offer an incentive to compete with new homes.  It is tough being the messenger, isn't it?

Posted by Virginia Hepp - Mesquite NV REALTOR, Mesquite NV Homes and Neighborhoods - Search MLS (ERA - Mesquite NV Homes For Sale) over 10 years ago

It is very hard for sellers to compete in price with the foreclosures.  Unfortunatley many are not able to bring the price down enough to be competitive due to how much that they still owe on their mortgages.  Hence we are seeing multiple offers on the REOs and seller owned properties languishing on the market.

Posted by Pam Dent, REALTOR® - Charlottesville Virginia Homes / Horse (Gayle Harvey Real Estate, Inc.) over 10 years ago

Pam, and worse, some sellers are being forced to try to short sale their property to get out before it is foreclosed upon - and short sales here are just not working out.  It is so rough on them.

Posted by Virginia Hepp - Mesquite NV REALTOR, Mesquite NV Homes and Neighborhoods - Search MLS (ERA - Mesquite NV Homes For Sale) over 10 years ago

Virginia,

I also wanted to say that I liked the virtual tour. Nothing over the top, but clean, nice and pleasant.

Leaves good feeling and this is exactly what you want.

Posted by Jon Zolsky, Daytona Beach, FL, Buy Daytona condos for heavenly good prices (Daytona Condo Realty, 386-405-4408) about 10 years ago

Jon - thank you, I like it, too.  It is so easy to do with Real Estate Shows, everybody has been using them for a while now, I am glad I signed up.

Posted by Virginia Hepp - Mesquite NV REALTOR, Mesquite NV Homes and Neighborhoods - Search MLS (ERA - Mesquite NV Homes For Sale) about 10 years ago

I saw your blog posting about listing foreclosed properties. We offer a great tool to help you in competitive REO listings. www.foreclosurefeedback.com . The Asset manager's can login and see all of the feedback on their REO properties, see what you are doing to market them and print reports to document the need for price reductions. Call in to sign up instead of online and tell them Rick said to give you the first 90 days for free to try it out at 858-270-1055 ext 113. If your competition doesn't offer this, you will definitely have a leg up on them. Good Selling!

Rick

Posted by Rick Bengson (Showing Suite, Inc.) about 10 years ago

Rick - looks like a great tool, if I had more foreclosure listings, I would probably consider it.  Thanks!

Posted by Virginia Hepp - Mesquite NV REALTOR, Mesquite NV Homes and Neighborhoods - Search MLS (ERA - Mesquite NV Homes For Sale) about 10 years ago

Good advice, Virginia. Thanks for pointing that out. So many people ask about the "cheap" foreclosures.

Posted by Terri Kincaid (ERA Brokers Consolidated) about 10 years ago

Yes, they do - foreclosures can be a very good deal for a buyer, but you must be careful - make sure your agent knows the market.

Posted by Virginia Hepp - Mesquite NV REALTOR, Mesquite NV Homes and Neighborhoods - Search MLS (ERA - Mesquite NV Homes For Sale) about 10 years ago

Just studying bank foreclosure listings, and realize how valuable current information is.

Posted by student bank foreclosure listings over 8 years ago

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