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Steals

2000 REALTOR OF THE YEAR

Steve Freeman
Broker-Owner

CountyRealty
1790 N 180 E
Brownstown
812-358-8635
812-528-0976

By Appointment Only

Steals and Deals  

This page is devoted to "Opportunity Properties".  These are properties that could represent good purchasing opportunities.  (No guarantees of course!)  Click on the icon and the report for that date (*.rtf file format) should appear and/or download.   

	2/2/07
ND's
90% OOPs
85% OOPs
SOS

ND's are Non-Disclosure properties.  Oops are properties that were Originally Over Priced.  90% Oops are those properties currently on the market at 90% or less of the original asking price.   85% Oops are those at 85% or less of original price.  SOS are properties where the Seller is Offering Something to entice the buyer, or those properties that I believe have something noteworthy associated with them that I think you should know.  

For much more information, keep reading.  Also, be sure to read the DISCLAIMER!

Non Disclosure Properties:  Some properties show that there are NO DISCLOSURES associated with the property for sale.  Although some agents and sellers may believe otherwise, there really are no options given to a seller with respect to whether or not they must submit a Residential Real Estate Sales Disclosure form.  Either the seller fits into one of the specific exemptions stated by Indiana Code, or they don't.  If they don't fit, then they must complete the form.  (The form itself; 46234.pdf.)   Of particular interest are foreclosed properties, because they may represent opportunities to purchase for a good discount.  Foreclosure owners are exempt from filing the disclosure.  Another type of property that is exempt from Disclosure is a new construction home.  New construction homes have been removed from the No Disclosure reports above.  New construction homes can be found included in the lists of regular homes.  (Quick snippet on foreclosures 3/16/06)

Originally Overpriced Properties (OOPs):  When the property listed today is at a price of less than eighty-five percent (85%) of it's original market price, I believe something is amiss.  There may be something amiss at ninety percent (90%) of original asking price.  These properties may also be worthy of investigation, as the seller may be "in distress" and may be desperate to sell quickly.  There could also be some sort of shenanigans going on.  (see below)  

Seller Offering Something (SOS):  Some sellers offer buyer incentives of some sort.  Sometimes the seller will offer an allowance, down payment assistance, closing cost assistance; the list goes on.  Sometimes the seller will direct their agent to offer the Buyer Agent (me) a special bonus as well.  These are good things to know as it is an indicator of the level of the sellers' motivation to sell quickly.  

Shenanigans:  I've seen plenty, let me tell you.  I've often observed a listing office and agent carry a listing for six months, then let that listing expire and re-list the same property, with the same office, with the same agent, at the same or reduced price.  Sometimes these listings switch agents in the same office.  This has quite an effect on market data.  First, it artificially boosts the "new listings this year" quantity and dollar amounts.  Secondly, it misrepresents the true number of Days On Market for the property, which by extension, affects the total market picture for Days on Market.  (Two listings of six months each is quite different than one listing at 12 months.)  

One thing that is NOT shenanigans but is almost the same thing is this:  consider the same property expiring at the end of six months.  However, this time it gets re-listed immediately upon expiration not with the first company, but this time gets re-listed with a different company and a different agent.  Is this a NEW listing?  Well, yes and no.  The listing is new to the office that just listed it, but it is not a new listing for the market itself because the market has already had it for the previous six months.  What to do?  Well, for this instance and a few others I've added comments like "see previous" or "see history" and although you can't see the details for those items on your computer, I can sure see them on mine in my office.  These comments serve as "little flags" that there may be more information of interest regarding the specific property than what you see onscreen and it may be worth your while to ask me for a bit more information about the property.