A majority of my referral partners are REO Listing Brokers. In an effort to assist them with moving 1-2 additional properties per month we established a campaign to focus on Owner-Occupant Home Buyers. Now this may not work for every market but for Georgia it has taken off. Because we specialize in the Home Improvement 1st. Mortgage which allows home buyers financing to purchase and renovate property many home buyers have called for financing, workshops and RMP Orientations. We have also created a Renovation Lending CE Course for real estate agents to assist them with understanding how Renovation Lending works. While we do not sirupt the regular flow of business for the REO agents and their traditional lending partners we know that a renovation program, executed effectively, can add an extra "umph" in these changing times.
Point to ponder:
"Credible" Investors will make offers on REO's regardless, Owner Occupants will not unless the improvement financing solution is solved.
Investors are Equity Buyers and Owner-Occupants are Payment Buyers.
Owner-Occupant Home Owners increase the value of the neighborhood. I've seen REO's on the same street increase because 1 or 2 similar REO's were purchased and renovated by Owner-Occupants.
Many reasons Owner-Occupant Home Buyers hardly make offers on REO's is because they do not have money to finance improvements or credit to take out a $10k+ Home Depot or Loews Credit Card.
We have provided REO Agents in Georgia specialty signage for their lisitwith a rider that says Owner-Occupant and calls have not stopped. (The"OWNER_OCCUPANT" Rider is placed on top)
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