In 31 years of real estate sales… this was a first for me. Especially in today’s market with all the sour stories. The week of Jan 3rd, I listed an REO (Bank Owned) property in Clyde Hill for $1,217,000. The bank wanted an upper-end company to handle the marketing, which is why they selected Brazen Sotheby’s International Realty. The asset manager at the bank wanted it marketed and showcased for five business days in the NWMLS and open market before they would look at any offers.
We did as they requested. Stunning photos were taken, print marketing was created, along with its very own website, and then we uploaded it to twenty plus of the largest most viewed websites in the world. We even had it translated in seven different languages to make it easier for our international buyers to review all the details in their native tongue.
January 13 at 10am was the time we set for the ‘offer deadline’. As we approached this date my phone started ringing and would not stop. Suddenly I became the ‘most popular Broker in Bellevue’. The first offer came in, then offer #2, 3, 4 and 5. It was crazy.
That morning when I drove to work I knew it was going to be busy, but nothing prepared me for the day it was going to be. I walked into the office and our VP of Sales, Melissa Holtzclaw greeted me with offers #9, 10 and 11. It was crazy. The phones were ringing, agents waiting for me and even a home owner I knew from Medina was waiting to see me about writing up an offer for him and his wife. Amazing. I couldn’t believe that there was that much pent up demand for million dollar homes in Clyde Hill. These people must not have read the newspapers.
There were several buyers that didn’t have an agent but still wanted to make an offer. I quickly called our real estate attorney and reviewed with him the procedures for dual agency and how our firm was going to handle writing up several offers from our office on the same property. Excitement was definitely in the air. This is how I remembered real estate being in the 80’s, 90’s and the boom of 2006. I was loving it.
When the last purchase and sale agreement was uploaded to the banks REO website that day the number on the cover read “Offer #34”. Thirty four offers on one property in Clyde Hill in January of 2011. This was incredible. Who would have ever believed it. Up until then the most I had ever witnessed on any property was 17. That day I expanded my comfort zone and presented 34 written offers to my seller. Amazing
SO YOU WANT TO KNOW WHAT HAPPENED? 6 offers were below the list price, all bottom fishing and dreaming. 17 offers were between 1.2 and 1.3. 4 offers were from 1.3 to 1.4. 3 between 1.4 and 1.6, and 3 offers were over 1.6!
On February 8, 2011 this property closed escrow with a very happy buyer. But this is not the real story. The real story is that there are now 33 qualified buyers who are ready and able and are looking to buy a million dollar home in Clyde Hill. Whoever is saying the real estate market is slow might want to take another look around.
Contact me at Joseph@BrazenSIR.com to share your own story or thoughts. I would love to hear from you. Or visit us at BrazenSIR.com and Facebook.
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Tags: Bank Owned Properties, Bellevue Foreclosure, Bellevue real estate, Brazen Sotheby's, Clyde Hill, Joseph Brazen, Medina, Melissa Holtzclaw, REO
