With all the great foreclosure and REO bargains these days, buyers appear to have a lot of choices. Many of these properties require some work to make them livable, either because the former owner was unable to maintain it, because the home was trashed by the angry owners or thieves, or because it sat too long. A Realtor who works to match buyers with this type of home has several roles. As an agent working on commission, of course making the sale is important. As an advocate for the buyers, he needs to make them aware of what in entailed in buying a home like this.
Some buyers might be turned off by a needy home; others see the potential but can't handle the repairs. To this last group, the agent has a chance to jump out of the nearest phone booth with his Superman cape blowing in the wind. An agent who kept up with ways to help in situations like this would whip out his knowledge of 203k loans, wow the buyer, and save the day.
The 203k loan provides a way for new home buyers to finance needed repairs on a distressed property by rolling the costs into their mortgage loan. A real estate agent who is familiar with this program and who is willing to coordinate the deal between the buyer, the lender, and the contractor who must estimate the repairs can offer the customer something extra. When the customer gets the home he wants with convenient financing options, the realtor is a hero.
Be a hero to your clients. Offer them that something extra. This philosophy will keep your business going in tough times and propel you ahead when business is booming.
To get the details of this FHA Program we have posted the information HERE.
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