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eXp Realty, the Agent-Owned Cloud Brokerage® is a full-service real estate brokerage providing 24/7 access to collaborative tools, training, and socialization for real estate brokers and agents through its 3-D, fully-immersive, cloud office environment.
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I worked for another agent before getting into the business myself.
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I worked for another agent before getting into the business myself.
Hi, I got into real estate 10 years ago in REO Foreclosure sales. I have moved onward but I know from experience that most bank foreclosures are all or nothing, as is, and if you dont sign EVERY single little spot, every initial, every check box, the way they want, they will not deal with you. ...
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Hi, I got into real estate 10 years ago in REO Foreclosure sales. I have moved onward but I know from experience that most bank foreclosures are all or nothing, as is, and if you dont sign EVERY single little spot, every initial, every check box, the way they want, they will not deal with you. Some REO listing agents are friendlier than others. But most of the time the banks are paying them a very small commission - I have seen from $200 - 3% but on avg its around $1,000 or less. They take a chunk of their commission before their brokerage gets their chunk, so many put forth a little less than 100% in their efforts. I would partner up with someone who does a lot of REO sales to see what needs done before trying to promise your buyers anything when it comes to an REO foreclosure. Most of the forms are very similar from bank to bank. Basically the buyer beware, everything is as is, the sellers won't fix anything, and most go cash. Sometimes you can get one conventional or even FHA if it is in very good condition, but a vast majority of them go cash only. Some go to auction. Auction houses are ruthless so I would make sure you have someone help you with them when taking your buyer through them so they don't end up losing hand money or deposits on the auction website for not following the rules or filling out all paperwork. These banks also will often do highest and best offers or hold an offer for weeks waiting for something better so be prepared for a lack of notification and lots of waiting.
Be honest and upfront. And listen to their needs.
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Be honest and upfront. And listen to their needs.
Can they provide documentation that the roof adds insulation or is energy efficent and that the windows are energy efficient and were installed by professionals?
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Can they provide documentation that the roof adds insulation or is energy efficent and that the windows are energy efficient and were installed by professionals?
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