Monday, June 28, 2010

Not all banks are utterly moronic

Last December our buyer clients found a house online that they loved in a big way. It was priced at $2,195,000 and their budget was $1,800,000 max. It was a short sale, headed for the foreclosure auction block in 2 days.

We saw it in person. They fell in love. I checked the tax records:  seller’s mortgage is held by a local savings and loan.

Bam! Foreclosure auction. House goes back to the bank.

I get on the horn and call the savings and loan in Scottsdale. The receptionist puts me right through to the guy in charge of selling the S&L’s foreclosed homes. Right through! The guy! I nearly fell off my chair.

He & I talk; he says send an offer. We help our buyer clients write up an offer and we send it over.

Long story short, about 60 days later our buyer clients moved into their dream home. Which they got for about 18% less than the true market value. And the savings and loan sold a foreclosure property without paying two Realtor’s fees or any landscaping & pool maintenance fees. Happy, happy all around; win-win for everybody.

All because someone at a bank answered the phone, in person and was ready to act when opportunity knocked. Wouldn’t it be nice if more banks operated that way?