It’s no common secret that the real estate market over the past year has continued to dramatically change towards a market concentrated in short sales, foreclosures and REO’s.
For those of you that don’t know what REO means — it means Real Estate Owned. It’s a term used to identify a property is owned by a bank. Banks actually consider REO’s a liability instead of an asset because they are in the MONEY business not real estate business.
As a Top Selling Team in Tampa and St Pete, we have modified our business to help service these “niche” markets. In the first quarter of 2009, nearly half of our business was selling (either listings or homebuyers) distressed properties. We have learned through much education, courses, certifications, and trial and error the best ways to represent buyers and sellers in these specific situations.
If you are a Realtor and haven’t started working these markets — WAKE UP! If you are in a market that has not been hit as hard with foreclosures, don’t worry its coming. It’s time to prepare now.
If you are a new real estate agent, read up! I had a new agent join our team this week and just like I’d send this information to a prospective home buyer, I wanted to review it and tailor it to him so he understands the urgency needed to work buyers on bank owned houses.
Below are tips for Realtors representing buyers on bank owned homes. Continue reading this post