Three Secrets about Foreclosures Most Agents Don’t Know
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At this moment, there are a number of good reasons to work foreclosures.
First, they are in abundance.
The leading online marketplace for foreclosures, RealtyTrac, says its foreclosure listings have grown by as much as thirty-nine percent in the last year.
And according to RealtyTrac CEO James J. Saccacio, “Foreclosures are on track to go above 1.2 million in 2007, which would push the nation’s annual foreclosure rate to more than one percent of U. S. households.”
As you can see, the inventory of foreclosures is rising, which means a good opportunity for you.
Second, working foreclosures adds to your toolkit of buyer services.
Brokers and agents should take a good look at the foreclosure marketplace for several reasons, not the least of which is to broaden the range of services they offer and enjoy increased sales.
Consumers are fascinated with the concept of saving money on their home purchase. That’s why they seek information about foreclosed properties.
The perception is that they will save money. Although Linda Stern at Newsweek writes that houses are going for as little as 70 percent of their current market value, this isn’t always true. Not all foreclosures are deals.
Regardless, the same consumer has expressed an interest, need or desire to purchase a property, and whether they buy a foreclosed home or not, they still need to purchase a property. This creates several opportunities for the wise broker/agent.
The third good reason for working foreclosures is that selling pre-foreclosures helps out a struggling human being—the seller who is on the brink of defaulting on his loan.
Buying a pre-foreclosure — a home not yet in foreclosure — can be a worthwhile investment for you client. Whether they use the property as their home or as an investment, helping a distressed homeowner who needs to sell can be a beneficial experience for both parties. Many people, in fact, make a full-time profession of purchasing pre-foreclosure homes and reselling them. In this way you, also help a seller preserve his credit.
In a nutshell, representing foreclosures could be a boon for you. And a saving grace for the seller.