The economy is creating lots more foreclosures and short sales than we've ever seen before. Lenders are taking them back at a record pace. What does all of this mean for you? Once you know how to work with bank owned properties it may mean a much larger bank account than you are accustomed to.
Some of the things you will want to understand as you learn how to work with bank owned properties are how to locate them, how to prequalify the buyers and what to look for when you are viewing the property.
Before you actually make an offer, you will want to know:
Is this property being sold "as-is"?
What kind of turn around time can you expect from the bank?
Are there any appraisal or inspection reports available?
Is there a mandatory lender?
At the Real Estate Training Center you will find self-study courses designed to help you master how to work with bank owned properties, oftentimes also referred to as REO or real estate owned properties.
Selling Bank Owned Properties
As you begin to understand how to work with bank owned properties, you will be ready to start building your income with these oft-avoided homes. Selling bank owned properties can be a very rewarding part of being a real estate agent.
When selling bank owned properties, you will:
Help your clients uncover hidden jewels
Help banks move unwanted inventory off of their balance sheet, which ultimately helps the whole economy
Help improve neighborhoods as new owners move in and spruce up often neglected properties
Selling bank owned properties is a niche that you can easily fill after getting your training here at the Real Estate Training Center.
A big part of selling bank owned properties is learning how to work with the banks. They've likely already taken a pretty big hit on the mortgage they had to foreclose on in taking the property back. Banks don't want to own property, they want to lend money.
You'll be approaching them about an unwanted property that they may have a lot of money invested in. Knowing the right words to say and the right approach to use will go a long way in getting the bank to go along with your offer.
Keeping your client informed throughout the process about expectations for the bank and expectations for the property will also be important. Selling bank owned properties is usually different from selling single family homes that aren't bank owned. Once you get the hang of it, you'll be the "go-to" person in your office for everyone's bank owned transactions!
Recommended Courses & Available Training Options
To find training for how to work with bank owned properties, simply select one of the recommended courses or products from the list below, or search for "Foreclosures" in the "Professional Development" section of the search box below.