Approaching Sheriff Sale Status

It’s been quite the short week with my having extra-early mornings and later than normal working hours, but I had to keep plugging along because we’re in the middle of our home-buying season, and when a buyer or seller calls, it’s time to get moving.

I still have a handful of buyers who’re actively looking for something, but unfortunately there’s few if anything in their price ranges and if there is, it usually turns into a bidding war which nobody likes. When looking at this week’s reported sales, I had another jaw-drop when seeing more homes going way over asking price, and especially those acreage sales that’ve been going thru the roof. I’ve come to the conclusion the perfect world for many buyers, is having an acreage or something located on a body of water. I believe many of them have finally said, “I’ve worked hard all my life, so it’s time to buy something I can enjoy regardless of the price.”, which is why we’re seeing an even larger number of cash sales.

My morning closing went very well, but a little sad because I think the owners would’ve stayed there, but their health issues were keeping them from it. At least I’m pretty sure the new owners are going to make that home shine all the more. While walking out I said to the buyers, “Your new home will continue to catch my eye whenever driving down that street, and only because of how it manages to hook my field of vision.” The wife’s response was, “When we’re done with it, you will notice it even more.”

I was not expecting the offer I submitted on another agent’s listing to go anywhere, but by mid-day, we had it put together. It was definitely a struggle, but after the dust settled, I’m confident the sellers realized they got a fair price, and the buyers knowing it’ll be a good long-term investment. I’m confident it’ll all happen because I can already see it finished and up and running. With hard-working buyers like they are, there’s no reason to think differently.

This morning I wrote an offer on a home that’s already got multiple offers on it, so I’m pretty much going to assume it was a waste of time because my buyer absolutely refuses to get pulled into a frenzied bidding war. Unfortunately they’ve been looking at homes too long because they could’ve owned one before the pandemic arrived which prompted the buying spree and price hikes.

I’m beginning to see the handwriting on the wall regarding the direction our market will be heading when checking the number of sheriff sales that are posted, and two of those homes looking like they were perhaps over-sold at the time. You would’ve thought they could’ve sold them on the open market before the foreclosure process went that far. A listing I had around my neck last year was rapidly approaching a sheriff’s sale status, and thank goodness I was finally able to sell it before that happened.

After visiting with the owners of 702 N. Jefferson again this afternoon, we verbally now have it under contract, so when they get those docs signed and emailed back to me, it’ll be official. Holtz Realty is rapidly running low on listings, so if you know anyone who’s even thinking about selling, please have them give me a call. Hopefully I’ll have a new listing posted sometime next week which should sell relatively quickly because of its location and condition.

My afternoon closing also went well, and for sure all of us were glad that it was over because it took many weeks to find a home that would fit their needs. Without a doubt, I can safely say I’m pretty darned familiar with every town that’s located in Hancock County, because I’d shown those buyers homes in every one of them. Even in the small towns the prices are spiking, and some of them that were acceptable, had multiple offers right out of the gates. I’m confident their new home was worth the struggle because it’s in move-in condition and wasn’t over-priced for the market. From the moment I received an email from one of them asking if I’d help them find a home over there, I knew it was going to be a long struggle. Oh well, I kept at it and it finally came to pass.

When visiting with one of the bankers today, I was told their loan applications are slowing down, which is yet another indication that we’re nearing the end of the buying spree. I mentioned to one of my buyers today that many in our general public must think that if they don’t own a home, they’re second class citizens, which is prompting them to buy, just so they can be on the same level as their friends and co-workers. If I were some of them, I’d stay put in my rental home or apartment until I knew for sure where I was going to be in the next five years or more.

I couldn’t help telling the story today about a past tenant who lived in a pretty darned nice rental in a good neighborhood, suddenly out of the blue buying a home that didn’t have all the creature comforts he had in his rental, and paying so much for it that I estimated his payment was a good three hundred dollars more a month than what he was paying for rent, but the big question mark I had, was knowing he was at times, struggling to make those rent payments. Talk about setting oneself up for failure and for the only reason being, his ability to say he owns his own home. Well, truth be told, I don’t consider anyone really owning their own home until their mortgage is paid off. Don’t you agree?

Well, I’d say my fast and furious Friday was more than a productive one because I’m now able to announce that I had two sales and two closings in one day, and exceptionally thankful for them. We’ll see what the weekend is going to offer.

Tonight’s One-liner is: Remember, beneath every cynic there lies a romantic, and probably an injured one.

Joe Chodur

About the Author | Joe Chodur

Firstofall....JoeChodurreallydoesn'tliketalkingabouthimselfbutthisiswhatwehavefoundoutabouthim. more about: Joe Chodur

View page.