When you're working with short sales, REO (real estate owned) homes or foreclosures, the way you go about buying a home is, in many ways the same, but there are a few aspects of this purchasing process that are slightly more specialized. If you're new to this area of real estate, it pays to bone-up on some tips for buying one of these homes.
Do Your Homework
Research is critical when looking into homes that are up for auction or short sale. Of course, the bank is eager to sell the property, but they won't be willing to take too much of a loss. Take a look at what other homes in the area have sold for at auction and let your buyer know what they can expect to pay at a home foreclosure auction in the area.
It's also important to check comps of homes in the area that were sold in short sale and other homes that are on the market and are not in foreclosure. When you have good idea of home values in the neighborhood, you are better able to help your buyers with a price that stands a chance of being approved by the bank should your client wish to make an offer.
Another contributing factor on a foreclosure is to research the unpaid principal balance. Depending on your state and municipality, you may have easy access to this information.
Set Expectations and Have Patience
There is a common misconception in real estate today that foreclosed, short sale and REO homes are available for a bargain basement price. While your buyers may be able to get their property for a lower price than market rate, they may not get the screaming deal they anticipate. As far as these types of homes are concerned, the banks are anxious to sell the property, but they still need to make certain they get back an agreeable of the money loaned to the previous owners of the property. Be sure to properly explain this to your buyers. If they understand the costs of buying a home, whether on the general market or at an auction, they are more likely to be pleased with the final outcome ทาวน์เฮ้าส์มือสอง ราคาถูก of the sale (meaning more referrals for you in the long run!).
Another area to properly explain to home buyers is the process of buying a home from the bank. While they may get the property for a lower price, they process of the home sale is not necessarily a fast one. There is additional paperwork and oftentimes the process can take more than a month (or longer). Explain to your clients their need for patience when dealing with bank-owned properties up front and they will be prepared for the length of the process.
Get Your Buyer Pre-Approved
Having your client pre-approved is a good idea in any home buying situation, but it is even more important when dealing with bank-owned properties. When the deal for the home goes through and a bank accepts your client's offer, you'll need everything organized and ready to go. This includes having the buyer's lender ready with the necessary paperwork for the loan.
Buying a short sale, foreclosed or REO home is much like buying any other home, you just have to be certain that the home buyers you're working with understand the process, the wait and the need for complete organization and readiness to buy when the opportunity arises. Managing expectations is simply the single best thing you can do for your buyers, and doing so puts you in the best possible position to offer the level of service that will get you noticed and make their experience a memorable one for all the right reasons.
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