While checking listings in the local MLS I always see a lot of foreclosures out there being sold by a select few realtors. How did these realtors become the sole choice of banks to use when selling their foreclosures. How does a realtor get the chance to be the banks choice to sell these foreclosure listings. I am looking for a little knowledge on this subject if anyone has any insight. Foreclosures seem a great way to make a living. Closings are fast, and the bank already has the price they want for the home by the time the property gets put on the market. I would certainly like the job of being the banks "go to guy" on this. How do we do it?
Century 21 Classic Gold, Carver MA - Carver, MA
Realtor, MA Real Estate
Hi Michael, it's beyond difficult getting in at this point. Banks have all the preferred Realtors they need through relationships established long ago. Most banks had vendor applications on their websites where one could apply. I would recommend getting certified in short sales as we will be seeing more of them than bank sales. Banks net 10-15% more on a short sale with less damage to the property. The short sale process is getting easier all the time.
Apr 11, 2011 01:18 AM
Madison Specs - New Rochelle, NY
Cost Segregation Specialist
I understand and respect that banks have their preferred Realtors. It just strikes me as odd, that MOST of these perferred realtors are not local, are not familiar with the community, and are difficult to contact, making it harder to sell their listings.
A foreclosure or short sale SHOULD sell for market value, and should be able to be sold relatively quickly, netting more money to the banks. But by relying on Realtors who are NOT the best agents for the job, the banks are only hurting themselves.
Apr 11, 2011 01:43 AM
Recent Posts
Real Estate Sales and Marketing
over 11 years ago
Comments(2)