Short Sales, Foreclosures and Auctions, Oh My ! Buyers and Sellers alike require guidance in our rapidly evolving market.

I'm working with a buyer right now that is under the impression that every seller is desperate to unload their property at fire sale prices. This (mistaken) belief resulted in a weak offer that was justified with a comparable sale that had been a foreclosure. The fact that there is a much better comparable (right next door) that was not in distress and closed a few months before seems inconsequential to him. Likely due to the 20% differential in sales price I reckon.

We are to lucky to live in an age where consumers have a vast amount of information at their finger tips. Unfortunately, many buyers and sellers are frustrated by information overload. Blogs, online brokers, TV, print media and cocktail party chatter all contribute to fevered speculation about the market and why you are either a sucker or a genius. Although not unique to the real estate industry, this phenomenon can prevent people from attaining their goals unless they exercise good judgement, keep an open mind and...hire an experienced real estate professional.

In other news, The Potrero held a sealed-bid "auction" this weekend for the 20 or so remaining units at the popular development. The available homes represent some less-than-ideal inventory, but also offer an enormous opportunity to purchase in a successful community in a desirable location. Come to think of it, submitting a sealed bid there would appeal to my buyer who is stuck on foreclosure comparables... excuse me while I make a phone call.