There are a significant number of houses listed under foreclosures and short sale in the market. Not every realtor is qualified and experienced in dealing with these short sales but still one has to perform to remain competitive in the market. Short Sale and Foreclosure Resource Certification (SFR®) is designed to provide basic education and training in handling this type of transactions. For past few years, most of my sales include short sale listings and foreclosures and being an experience short sale agent in Temecula, I would love to give some advice over these tricky transactions. This article will discuss some of the best tips for realtors and I hope it will help you in dealing such properties.
•Avoid Bidding Wars: It is quite common to find lowball short sales and foreclosures in the market. These properties are price low so as to initiate dozens of buyers and achieve high rates in a short period of time. Being a responsible short sale agent in Temecula, it is the responsibility of the agent to help clients calculate their budget and avoid overpriced properties.
•Understand What the Bank is Looking for: Ever bank has different requirements where some of them are looking for strong offer and the others for strong buyers. It is advised to develop direct relationship with the lender and you can contact asset managers in different banks. Try to find out better discount opportunities with all cash options.
•Proper Inspection of the Property: Generally there are chances that foreclosed houses and properties are in deficient shape. It is advised to hire a qualified contractor which can help in spotting major issues with the property and the cost of repair can be added to the overall budget of the house.
•Never Count on Repairs: I have been working for many years as short sale agent in Temecula and it is quite rare that repair work is complete on foreclosures and short sales. Any buyer having the capacity to absorb repair costs seems to be more attractive to the bank as compared to other buyers.
•Complete all the Paperwork in Advance: Generally it is hard to get any leniency from the escrow date for the closing of deal. Once the escrow is open, take care of all the loan papers and it is advised to complete everything before the deal is closed. In case of any unexpected delay, there are chances of getting extension.
Above all of these tips, it is important to be patient in a short sale and foreclosure. Generally low bids can initiate frenzies among buyers and it is required to be patient throughout the process. If you are considering all of these tips and procedures then you will close the deal easily.
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