I just completed a transaction where I represented a Buyer who wanted to  purchase a Bank Foreclosed lot in the Wildcat Pass Subdivision at Starr Pass Resort. The listing agent, an excellent , experienced agent, had done her homework and upon my first inquiry, provided my Buyer with all the Subdivision Documents, and explained how the Bank’s Asset Manager responded and handled  all offers. We knew what to expect from the onset. The agent explained that when she received offers or counter offers, she would enter them into the Bank’s computer system and generally if she did that in the morning , she would get a response back that same day; sometimes even a matter of only an hour or two.  It was clear that the Bank made quick responses and  my Buyer and I agreed that we needed to establish a quick response, phone relationship while the negotiations were taking place in case there were competing offers.

We wrote our first offer and within a day got a response back. We were still quite a distance apart and considering our counter offer  when I found out that another offer was received by the listing agent. We went into high gear and over the next day  went back and forth with the Bank three times by having immediate availability to talk to my client and quickly email responses. I could see we were and remained a step or 2 ahead of the other offer and eventually got the property because of that.

My client was highly motivated and thus made himself available to me on a moment’s notice. In this case, it proved to be the reason he successfully got a great lot at a price well below the current market.

This entry was posted on Tuesday, March 30th, 2010 at 7:41 am and is filed under News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.