Range Pricing for Foreclosures and Bank Owned Assets?

Interesting concept and one that I used to despise with regard to Real Estate. But you could say that I am softening up in my old age. The Range Pricing Concept has been with us for the past few years within our Local board of Realtors and Multiple Listing Service System.

Prior to the implementation of the Range Priced Field – We had no way and as most people, Agents fear anything having to do with change.

At the first, there were a few daring agents that would Range price their listings in order to create the market that all Buyers Hate and Sellers Love – that is one of those Multiple Offer Markets.

Sellers, including Banks, love the situations with their assets where we have multiple respondents writing good offers. The agents themselves might break the rules and tell some of the callers what they are holding. But this is a Short plank to ruin – but they still spill the beans. Which makes the playing field and deck stacked against most of the Agents that had taken the time to write the offers for their clients. Also this causes an unfair playing advantage to those that were on the “inside track”.

I would hope that most of the time this does not occur – but I have smelled it happening and when agents call us here at Re/MAX of Valencia with the Paris911 team and inquire about the offers we have received on any one of our Short Sales, Regular Sales, REO and Foreclosures – you can tell they are used to getting the information on what offers the agent is holding. When I tell them that I either feel uncomfortable giving that information, or it is unethical or against the law to reveal what is being held – there is a pause and usually a “good for you” response.

If the agent is seasoned and been through at least 100 feet or razor wire during the last 2 years since the Real Estate market turned onto its ear – then their next question is, “ Do you personally have a buyer for your listing? “

So, the jealously is running rampant but we do a GREAT JOB with our Real Estate Representation of our Sellers and Buyers.

Range Pricing was something that I did not take a fancy too until lately – it allows for the internet searches done by the public on any one of the great Real Estate Websites to show the property, not at the highest amount but reflects on the low amount. Thereby getting the Bank, Regular Person, Short Sale, etc, more views of the home they have for sale.

It works for me – and I have seen it do wonders in this “Sellers” market that we have due to inventory being so low.

If you have an agent – bounce this off of them and see where they stand. If they have no good reason why they will not utilize this approach – then maybe you need to get an agent that is not scared to change. But if they have good reasons and they make sense – stick by them, because an agent that will not buckle with position about Real Estate things which they are experts on – is very Rare indeed.

We are Connor and Paris MacIVOR at RE/MAX of Valencia and RE/MAX of Santa Clarita,

We operate Relational Real Estate in Southern California and I hope this Foreclosure, REO and Regular post related to Range Pricing reaches you well.