Raschel A. Kloos  ·  Realty Executives  ·  (760) 845-4744

Top Ten Tips for Buying and Selling Foreclosures, REO Bank Owned Homes

  • These are turbulent times in real estate, much of the market is being driven by foreclosures – you must know how to navigate through these treacherous waters.
  • Whether you are buying or selling Real Estate, hire an agent who is educated and experienced with all processes associated with Foreclosure, Short Sale and REO Bank Owned Homes.
  • If you are a seller facing foreclosure you will need an agent who knows who to talk with at the bank and how to deal with the mitigation department.
  • To everything there is a time and a season - your maximum exposure is during the first 45 days, so price your home to sell.
  • If you are a seller not facing foreclosure you need to have proverbial skin in the game by contributing to closing costs for the potential buyer.
  • Your competitive edge as a seller in today’s market is your flexibility – look at every deal on the table and negotiate in good faith.
  • Seize the say, use full disclosure to your advantage with the buyer, to let them know your home is in working condition, as bank owned homes (your competition) are selling their homes in “as is” condition.
  • Speed and responsiveness are your new best friends – banks don’t have the ability to respond quickly to offers, so be nimble and be quick.
  • Buyers should bid aggressively when purchasing Foreclosures– multiple bids are the order of the day.
  • Get an agent with a black belt in marketing and maximum Internet exposure – you're competing with thousands of listings.


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