How is your business doing these days selling foreclosures and short sale properties? Are you thinking about getting a part time job yet, or have you already started looking? One of the agents in my office who has been very productive over the years has enrolled in nursing school. Another is starting a part time job at the end of this month. I know it is hard to make a good living in the real estate business right now. I am not quite sure why more agents haven’t gotten certified in foreclosures and short sales. When I started in the REO business I looked at it to make my business steady. I was so tired of feast or famine. It has enabled me to have the steady pay check that I needed. Especially being a single Mom of three children. I just got 2 more REO properties emailed to me in the past 3 days. And expect more by the end of the week. The one I received today I will be going to tomorrow. It is a deed in lieu. Both of the last properties I got are from MD Webb and associates. For someone to do a Deed in lieu instead of foreclosure is better for the previous owner because it shows that are willing to work with bank. And the bank does not have as much in attorney costs but the previous owner may have been better off doing a short sale. And it is not as big of a credit hit for the seller. Have you had properties that you just couldn’t sell because the seller owes more than what the market will bring? If you are in a declining market like most of us are do you know how to get the bank to do a short sale? Are you letting your clients down because you are at a loss?
Don’t you think it is time to learn how to professionally do a short sale?
I have been with Coldwell Banker for 19 years now and my company still does not see the significance of educating their agents in this business. With all the free continuing education they offer and seminars they are still focusing on getting more commission and not discounting our services. They are just merging more and more offices and trying to charge more fees. I have come to the realization that they are just old school waiting for the market to come back. Well guess what agents and brokers the reality is one in every 59 homes in Ohio is in foreclosure. That is a very scary number. If you don’t believe me look it up.
I was talking to a RE/MAX manger today and they are having a seminar about foreclosures for their agents to become certified in foreclosures. I have done some research for agents and brokers to find out what programs are available at a pretty inexpensive price to get this education. For less than $100.00 an agent can become certified in the foreclosure business and short sale business.
All I can say is your missing out if you don’t make this part of your business or make it your niche. Part time jobs that pay $8.00 an hour suck.
Here’s another story: An agent called me last Friday from another company that knows that I am experienced in the REO Foreclosure world. Her dilemma was this, she had sold her nephew a lender owned property and was actually at the closing when the FHA loan would not fund because the termite inspection did not come back clear. The inspector found termite tunnels in the basement but no current infestation. He could not give a clear report because he could not see that the property had previously been treated. Now we are in the winter months here in Ohio and it is February termites are dormant. She was afraid the property would not close because it is lender owned and being sold AS IS. So her question is can she herself treat the termites herself with a home depot termite kit? I listened to all of her concerns and finally said why would you do that? First off it’s not your buyer’s termites it’s the seller’s termites. I said you need to write an addendum to have the seller treat the termites. You are at the closing the buyer is approved for the loan and the lender will not fund because the property has termites. You basically have the seller by the you know what. She then felt comfortable enough to call the listing agent. The listing agent said just write an addendum I am sure the bank will pay for the treatment. Of course the bank paid for the termite treatment and the property closed on Monday.
That was just another example of why agents need to have an education in foreclosures not just if you want to list them but what if you sell one?
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