While many agents are lamenting the state of the real estate market in 2008 the challenges and opportunities that today's market brings make it a chance to learn something new almost everyday. This market is just what most of us need. A boost to our brains!
Back in the 1990's showing a foreclosure property meant being certified by HUD and having the appropriate HUD key to get into a property. Most of the foreclosure properties you found were either VA or HUD homes and many had assumable loans. Contracts were a bit easier but the bid system could sometimes be very confusing. However you knew you were dealing directly with the government (in most cases) and so the process was orderly.
Fast forward to today and you will find a completely different story. Foreclosure listings are handled by just about anyone who has a real estate license. You go through multiple layers of bureaucracy to get an offer approved. You don't know from house to house whether you are dealing with the agent, the lender or a loan servicer. Offers and counter offers fly back and forth verbally and until you see the actually finalized contract you have no idea of how it is going to look.
This is the time for all of us to be at the top of our game and a chance to put our negotiation skills to the test. This is the opportunity to discover which lenders are willing to deal and which agents are most likely to understand how their lenders operate. Buyers need to work with reliable lenders and title companies who are willing to do some upfront work to make sure our clients will be able to get to closing. It is a great time to help buyers understand the complexities of the buying process and show the value that Realtors® bring to the process.
So who wouldn't love working in this fast paced challenging environment? Perhaps it is the agents who aren't willing to be flexible and realize that times have changed? For me it is a great time to be an agent. Parts of the market remind me of the craziness of the early 21st century in Northern Virginia real estate and for me it is exhilarating. It is frustrating trying to deal with listing agents that don't seem to have it together but because there are so many properties available it also means that clients don't have to wait for weeks if they don't want to.
So if you are lamenting the market in 2008 try and take another look at it. Sometimes you just need a different perspective to realize that the opportunities in this market can be amazing andgood a time to hone some skills that perhaps you had let slide for a few years when times were good. Absorb what this market has to teach you and you will be prepared for just about anything else that future real estate markets will bring.
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