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Henry B. Torn's Blog (4)

4th Quarter Tsunami of Properties to hit market???

Rumor or Fact

I have posted on past blog begging AM's to release more of their inventory to meet buyer demand. I have been hearing 'rumors' lately that there is an anticipated 'dumping' of properties on the market coming up in OCT/NOV/DEC
due to the Bank's need to show profits for the calender year.

Any truth to this? What are you hearing? I certainly invite any feedback from you AM's who might be in the know!

Added by Henry B. Torn on September 16, 2009 at 10:36pm — 4 Comments

Selling REO's - Fantasy vs. Reality

Oh the Illusions of Grandeur!!



We have all heard it and deal with it everyday. "I'm looking for a STEAL or really good deal!!" "I want to buy the million dollar property for $400K!!" " Oh and it has to be move in condition"



Perhaps I am wrong for being so candid with my clients and prospects by responding with, " NOT GOING TO HAPPEN!!"



HELP!!! I NEED SELLING IDEAS AND SOLUTIONS FROM MY FELLOW REO AGENTS.........



What selling techniques are working for… Continue

Added by Henry B. Torn on September 5, 2009 at 7:48am — 3 Comments

Letter from Prospective Homebuyers: "Let More Inventory Out NOW!!"

As a Buyer's Agent for REO's I want to voice the opinion of so many prospective home buyers out there today.

RELEASE MORE INVENTORY!! We all appreciate the 'measured' approach that Banks/Asset Managment companies are taking to market REO's (Supply) in order not to flood the market and cause prices to decline even further at a more rapid rate. Yet the BUY (Demand) side is screaming for more REO's to hit the market and hit it now!



Clearly there is a very methodical and measured… Continue

Added by Henry B. Torn on August 19, 2009 at 8:57am — 16 Comments

Multiple Offers and Highest, Best and Final

As an Exclusive Buyer's Agent here in the Chicago market, I can tell you that multiple offers for REO properties with it's subsequent, Highest, Best and Final offers is becoming very common. I would like to use this forum to express my utter frustration and anger towards the system currently in place to handle these multiple offer scenarios.



To make it simple; WHY DOES THIS NEED TO BE A 'CLOSED BID' process???? To make it easier and more fair in my personal and professional opinion I… Continue

Added by Henry B. Torn on July 21, 2009 at 8:15am — 24 Comments

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