How many of us agents have had that questions from our clients?? Dare I guess at 99.99%?
I personally have attended classes given by my local realtor's association and taught by attorneys and agents with 'in the trenches' training. However, nothing has been a better teacher than manuevering through the maze on my own. We all know that mistakes are often our best source of learning...and hopefully mistakes that aren't career ending! Thankfully, both lenders and agents are getting smarter/better at getting these transactions processed and sold through learning from our mistakes during the first two years of this heavily distressed market.
Having made my fair share of 'learning' mistakes, I have learned some valuable lessons through the months: 1) Never, but never, try to work a short sale listing or sale that has multiple liens. I should add that it is not completely futile if you don't mind staving off the foreclosure process multiple times or don't mind closing in 9-12 months. 2)As a buyer agent, DO look for Fannie Mae or Freddie Mac foreclosures that have been renovated/repaired and are move in ready. The ones that I've sold were still sold at foreclosure prices and my clients closed with built in equity...sometimes in excess of $25,000 equity without any further repairs or renovations! 3) DO set your clients with the right expectations and timeframes. 4) As a buyer agent, DO try to show homes listed with saavy agents specializing in foreclosures or short sales 5) At the home inspection of foreclosures really try to emphasize to your buyers that inspectors can't see through walls and they have some risk associated with buying a home 'as is'.
I welcome any further comments from agents out there who have pinpointed other 'lessons' that have allowed them to be successful in the distressed market arena.
Donna Bosze
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