There are now many bank owned foreclosures or REO properties on the market at Lake Martin. We are no different from anywhere else in the country in that respect.
What is different about Lake Martin foreclosures is the curious choice that some banks or mortgage companies make when selecting a broker or real estate company. I have talked to quite a few lately, and have compiled a few quick reasons why banks will struggle to unload their REO inventory at Lake Martin:
1. Your agent is not a member of the Lake Martin MLS – don’t get me wrong – many foreclosures are listed by LMAAR members. And I am not saying every LMAAR member is a superhero. But if you are a bank, and yours is not listed in our area, how smart is that? Like 95% of Lake Martin homes are sold by members of the LMAAR. If I can’t get into your lockbox, how can I sell your home?
2. Your agent does not know anything about the home, or even Lake Martin in general. I have called agents who tell me “I don’t know much about that one. I think the price is $XXX,XXX. Where is it again?” Please. I am sure they are very nice agents, maybe even experts in their own local area, but that area is far away from Lake Martin.
3. Just because your agent’s office is an hour or so away, doesn’t make them a Lake Martin expert. Hey, I live about an hour and a half from Dothan, AL. Legally, I can list I home there. Would I? Heck no! I couldn’t look someone straight in the eye and tell them I am the best guy for the job. I would refer to a Dothan real estate expert.
4. Just because your agent is handling 4 other homes for you in East Gotham, don’t make the mistake to let her handle Lake Martin like an afterthought. Remember all that preaching you did to your customer (before you foreclosed) about choosing a high octane agent, marketing, and pricing? WHY DON’T YOU FOLLOW YOUR OWN ADVICE?
This isn’t sour grapes against “interloper” agents from the big city. More power to them. I am a huge proponent of wall-less MLS areas. The above points come from talking with foreclosure agents THIS WEEK. As a bank stockholder, and as a taxpayer that is bailing out banks, it worries me. If they’re this slack about their lake homes, what is going on in the rest of the country?!? Goodness!! Give me a call, and I can help you go local and get effective immediately!