There has been plenty written about short sales, and in particular, Realtors entering that market to help sellers who are handcuffed by financial binds. Of course, the other side of the coin is the folks who are buying short sales. Is there opportunity for Realtors on the buying side? Buyers need guidance just as sellers do. And actually, majority believes that they need more assistance than traditional buyers because of the complexities of short sales.
If you’re thinking of facilitating the buyers with distressed properties, take a few minutes to consider these tips.
1. Educate your-self. Perhaps one of the reasons you have avoided helping sellers is all the education. Well, if you’re going to help buyers, you’ll need just as much (and some say more) than the agents on the selling side, this is one of the most important you should be aware of if you are agent.
2. Preach patience. Many buyers come into the market for short sales thinking not only that they’re going to get a good deal, but also that they’re going to score one quickly. Not so fast Mr. Buyer. Bank approval on offers sometimes takes weeks, so it’s imperative to first know how long buyers are willing to wait and then prepare them for the extra time it’ll take to close deals. You need to educate your buyer well or you may end up with an unhappy customer if they aren’t expecting some aspects of the process. you explain that the process can be challenging, but you also talk about it being a great way to find a great home that’s typically the best priced home in the neighborhood.
3. Keep emotions at bay. This is a good segue from number two about patience. Yes, short sales by their very nature are extraordinarily emotional for sellers, who are often in disbelief and denial. But beyond that, because short sales take so long, buyers (and even their agents) can end up emotional as well.
4. Communicate constantly. One way or another to keep expectations on track throughout the process is to communicate constantly with everyone involved. Buyers‘ agents have to stay in touch with bankers, asset managers, loss mitigation folks, but especially with the sellers‘ agents – you have to work closely together relentlessly. And be sure to share all the information you get from the sellers‘ agents with your buyers – keep communications wide open.
Immobilienmakler Heidelberg Makler HeidelbergSource by Prince P Gebauer