Your Exceptional Life

The thing I love about this business is that it’s like baseball.  You get a bunch of at bats and it’s up to you to make of them what you will.  I played softball for probably 25 years.  It was one of my favorite sports, probably because I could throw hard and place the ball.  I’ve always said that what makes an athlete great is when they see something that no one else sees.  Tony Gwynn saw the ball differently than most other players and he was able to hit it more often.  Joe Montana saw the football field differently that other quarterbacks.  I think that’s the reason he may be the greatest of all time.  He saw things develop before everyone else did.  Tom Brady sees the same thing.  It’s about vision.  I could see the holes on a softball field and I could hit them.  This real estate market is about seeing the holes and hitting them.

The market is currently bloated with bank owned properties.  Owners who aren’t upside down are grousing about these sales.  The truth is, these properties don’t reflect the real market.  They reflect what could be expected from the market in a fire sale.  They reflect what you could expect if you were forced to sell by a divorce or job loss.  Only worse.  Bank owned sales, REO transactions do not give typical disclosures, and they don’t have to.  Some value is lost there; I would consider it to be between $20-40k.  I have people ask me questions all the time about the properties we have for sale.  Some I know the answers to and some I don’t.  I endeavor to ask the neighbors about the property.  I had one guy tell me that the previous owner had some electrical work done.  Later a client asked me about the electrical.  I could tell him was that I had heard that some electrical had been done but in this particular case, I couldn’t see what they’d done and I told the client that.  I then recommend he get an inspection.  When a property is in owner possession and that question is asked, the owner has to answer truthfully.  Additionally they have to disclose all the conditions they know of at the property.  The day my last home was foreclosed on was a very happy day for me.  All previous potential liability on that property to me was gone.  I believe I disclosed everything about that house, but truth be told, they could have found some little thing that slipped my mind and sued me.  With the foreclosure, that ship just sailed.  As an agents, we don’t have to crawl under the house to see if there are leaks.  We suggest to potential buyers that they get a termite and home inspection.  Bank owned properties are definitely buyer beware.

People who are successful in this market are people who see something that no one else sees.  If you can walk into a home and see the potential, you’re going to get a good deal, but you also have to not be afraid.  You can’t be afraid of termites or vandalism or half remodeled houses.  You have to be able to look at it and see what it could be.  You have to be able to guestimate the work.  This market is not the sort of market where you fall in love with a property.  Some get 30 offers, others get one.  You have to know your number and stick with it.  You have to see what no one else sees about that property and then move decisively.