Well it is time to saddle up on the repo horse and learn to ride. It is becoming increasingly clear that it will be difficult to call yourself a real estate professional without intimate knowledge of the foreclosure, bank repo, and short sale markets.
I recently took a client out to look at home and an overwhelming majority of the homes we viewed were short sales. What's a short sale? A short sale is a property that is in a pre-foreclosure state. The bank is willing ot sell it to the public for less than the seller owes them and take a loss rather than going through the expensive foreclosure process.
This means that my team and I will now be looking at training to get to an expert level this area. We need to get so immersed in the knowledge of this process that we can get our clients the best buys possible when purchasing a home. This will be our journey over the next several months. Fortunately we have contacts with those who deal directly with the banks to sell bank owned homes and with agents that have the knowledge we need.
This brings up a good point for sellers too. We will need to find ways to delicately relate to sellers that they are in a time and place where there home will be competing with a very large number of discount properties. This means that their home will have to be in 10+ condition and priced at a competitive rate. This will be writing a blog soon about how sellers can compete with bank owned and foreclosed homes. There are definitley some things that can be done to help get a sale in this market and sellers need to know what those are.
If you have questions about bank owned, foreclosed, or short sale properties, give us a call now, we are available to talk with directly 360-433-8656 or email your question to helpwithforeclosures@eteamcares.com
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