Months ago I asked either here on ActiveRain or in another forum, how to get involved with listing bank owned homes. I really thought it would help my business and generate some sales, a a very wise agent, and I am sorry I do not remember who you were, told me you do not want to be known as the REPO agent find the buyers. Since then my business has been focused on finding buyers for bank owned properties. I am seeing some decent success at this niche market. Educating buyers to the fact that they do not have to use the listing agent - or what they call the bank's agent has been the biggest obstacle.
Many buyers believe they can not ask for repairs - this is untrue. Banks will not do the same repairs an owner occupied seller would but they will do some repairs. I have had banks agree to replace wall heaters, fix plumbing and replace septic systems.
Buying a bank owned home in Central Oregon can be frustrating, because the good ones generally sell quickly, they are priced right and clean. Most of my buyers know a home is coming on the market before the public. When you subscribe to my automatic listing program you will receive a copy of the listing about 24 hours before it hits the public sites.
If buying a bank owned home anywhere in Central Oregon is something you have considered sign up below, no obligation and no spam I promise.
Thesa, the folks looking for Central Oregon foreclosures are lucky to have you on their side. The personalized service of having a buyer's agent beats going to the listing agent any day.
Theresa - Good for you and your buyers. How do you obtain a copy of the listing to send to your buyers 24 hours before it goes public?
Thesa, Nice job of educating buyers on bank owned homes, especially about the bank's willingness to do some repairs.
Great post. Buying a home from a bank can be more challenging, but with an exceptional Realtor on your side it can be a cakewalk. Way to go!
Thesa - How great to receive some good advice here on activerain and have it help change your focus and improve business! We too have been hired to do repairs and staging on some bank owned properties -- perhaps it's not the norm, but they ARE more negotiable than we have been in prior years.
Hi Thesa - You give Central Oregon buyers great information. I'm constantly telling buyers I am getting preapproved to make sure they get their own agent who represents their best interests -especially on bank owned sales. Misconceptions abound out there...
Your photo is gorgeous! Would make a great post tot he Wordless Wednesday group.
Maggie - It is so great to see you - I have missed you so much - nice to see you having the time to blog and be here.... you are all too kind.
Judy - One of the benefits of having an MLS that is behind in technology is that - you can actually get your client a listing about 24 hours prior to it being fed to the public sites... for the seller it is frustrating... but to the buyer's agent it can be a real advantage if used correctly.
Barb - thanks it is happening and will continue to happen as more and more of them come on the market.
Betina - thanks - the trick is to make the buyer think it is easy...
Margaret - You are so right --- see you at REBAR
Karen - I have used this photo time and time again... it actually my twitter background too... it is taken at Salt Creek Falls off HWY 58 in Central Oregon.
I recently closed a deal on a bank owned home where we negotiated and allowance for a new range. It CAN be done!
Hi Thesa, This was good information. I haven't done a short sale or bank owned sale for clients yet. We are starting to see more of them in the gorge. I've been hearing the Bend market has many.