Does anyone know how Bank Owned home sales really work? Unless you are a BPO or REO agent you may not. You may also not know how scary it can be. In most cases banks will order a BPO (Broker Price Opinion) when a home goes over 60 days late, when foreclosure is started or just before the foreclosure auction itself. The most common BPO is the "Drive by". You simply drive by the home, you take a picture of the front, the address and the street. There is no going on the property and you have no contact with the occupants. While taking the picture you garner if the home is occupied or vacant and if there is any damage.
In any given week I can do 20 BPO's in between listing appointments, and Home showings. This week though did not go well. After driving by a home in an upscale neighborhood, The home owner took off after me in his vehicle. Driving like "you would see in a movie" he tried to block the road and chased me down.
Knowing the area well I headed straight for the police station with a final sprint inside to ask for help. The man was detained and we were both questioned for seemingly ever. The police did know what a BPO was. The facts are you do not go onto a property, you are on a public street and no pictures of people are ever taken. One young officer proceeded to read me the riot act. He rambled about taking pictures of kids, registering as a private eye and I should have just stopped and told him why I was taking a picture of his home. Well i thought i would avoid confrontation by not stopping when someone is chasing me and that the police are there to protect. The pictures speak for themselves. There was no kids, there was no people and it is perfectly legal to take a picture from a public street. The note and mortgage that home owner signs, includes the right for the lender to make sure their collateral is secure. It helps banks locate vacant homes and secure them.
After quite a long time another officer came out to ask if I want to prosecute the man. They did their best to talk me out of it saying it would take a long time and i would have to go to court. He broke traffic laws, so that is usually a ticket, so with some leaning by the officers i did not prosecute. They said I could go.
I usually end my blogs with a lesson. For those agents who complete BPO's stay safe by always staying in your car, make sure your car is heading to a street away from the home and not towards a dead end. Never take pictures when people are present. Home Owners may not know how the Foreclosure process works. They are behind in their mortgage and many are scared. Many find me through my blogs and seek advice on what their options are. Many are helped through forbearance, modification or short sale.
All agents are not created equal and to get a Happy Ending it starts it starts by hiring a "GOOD" :Agent, one who is WELL experienced in your area and type of Home. One that will guide you through each step of the Buying or Selling process. To the consumers who were successful, they found the secret which I would like to share with you. To those who learned the hard way, they did not have to....
THE TOP TIPS TO FIND A "GREAT" REAL ESTATE AGENT
1. LEARN THIS ONE FACT: One should know that All Agents are not created equal and every buyer or seller should take the time to hire the BEST not just the biggest Agent or Company. It is important to Hire the BEST Agent. In NH that could be me.
2. CHOOSE THE RIGHT AGENT: As a Buyer OR Seller in this market you need every advantage you can to get your home sold. It starts with choosing the right agent. a. Ask for a Full time agent whose sole job is to sell homes. b. Ask for a Full service agent who will guide you through each step of the selling process. Discount brokers often equal discount services. c. Ask for a Local agent who knows your neighborhood and is readily available when you need them is a must. Out of town agents can leave you high and dry in your time of need. d. Ask for a well experienced Listing Agent can give you the advantages you need when selling your home. Not all agents are created equal. Choose only the best.
3. HOME BUYERS SHOULD START BY: Getting a FREE PRE-QUALIFICATION with a local and trusted lender. They will look at your credit and financial picture and let you know what type of mortgage you may qualify for and what your interest rate and monthly payment may be.
4. HOME SELLERS SHOULD START BY: Getting a FREE MARKET ANALYSIS. Learn what your property is worth in today's market along with how ling it may take to sell. If you are ready to sell now, learn what you should ask for it. How much offers may come in at and what the approximate selling price should be. NH Home owners should contact me now.
IN SUMMARY the key to having a successful purchase or sale can increase simply choosing a better agent. The secret is that All Agents are not created equal and every buyer or seller should take the time to hire the BEST not just the biggest. I leave you with now infamous philosophy, which is simple, to provide more personal and professional service to guide my clients through each step of the buying or selling process.
It does not take magic to turn your "For Sale" sign into a "Sold" sign. it takes a full time Local Agent who specializes in Listing homes like yours.
If you are thinking of buying a Home please contact us. Get a free pre-qualification along with some of the BEST CUSTOMER SERVICE through each step of the Buying Prices.
WE STRIVE TO PROVIDE THE BEST POSSIBLE SERVICE THROUGHOUT EACH STEP OF THE LISTING AND SELLING PROCESS!!!
If you need to sell your home and you owe more than your house is worth, i may be able to help. I specialize in working with home owners to get your home sold. There are many options such as a short sale which may be able to help you.
Please try and avoid out of state or out of town agents and companies that make "out of this world promises". We are local agents with experience who never charge any up front fees.
We are local agents with experience who GET RESULTS!!!
We stand by you through every step in selling your home.
Another reason that makes New Hampshire a great place to Live, Work and Play.
- About the Author: Scott Godzyk is the Owner/Broker of the Godzyk Real Estate Services in Manchester NH. With 28 years of experience, Scott is a leading Agent for Listing and Selling Homes in this area. To CONTACT Scott Godzyk please call 603.661.2121 or EMAIL: Sctprop@aol.com . We are Full Time Agents ready to serve all of your Real Estate needs through each step of the buying and Selling process. We are proud to be locally owned and operated.
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