If I need to sell my home because I have had to move/relocate or can’t afford it anymore, can I rent it until I decide what to do? Not if you want to get approved for a short sale by the USDA/FHA. Make sure that you don’t move out of the house or if you have to in order to relocate, don’t rent it out. What a catch 22 mess!! Before you get too far behind on your payments or your bills, talk to your lenders and make sure that you understand what the ramifications are. If you still think that a short sale might be a viable option, call a realtor experienced in short sales and get their help.
As we have more short sales, REO’s and Foreclosures come on the market (sadly), there will be more of a need for Realtors to understand the process to market and close the deal on these properties. The process from offer to close is very different from a traditional home buying process and can be different from case to case. At this point, I am trying to learn everything that I can about the process so that I can provide the best service to my investor clients. I would really like to hear from some investors that have been in the business for a while about what they need and expect from a realtor. Also, I would like to hear from other realtors that are specializing in this field with any advice that they might have. I am just trying to position myself to provide the best service that I can to my investor clients. Any response and suggestions would be greatly appreciated. Thank you in advance.
The relationship between an investor and a real estate broker is different from the usual relationship that an agent has with his client. Personally, I would like to work with more investors. I think that we will see this area continue to expand and I would like to be part of it in the future. Let me tell you how I see my relationship with an investor developing. The relationship must be and can be mutually beneficial. I am eager to learn and if you take the time to explain to me exactly what you want, I will work very hard for you to deliver the properties that you want. In other words, you need to train me. With that being said, do not attempt to take advantage of me. I expect to continuously look for properties for you. I expect to occasionally show you a house. I expect to submit a lot of offers for you that will be low, therefore only a small percentage will be accepted. All of that is the name of the game. But, respect my time, as I respect yours. Do not expect me to show you or your representative houses every day, just for the heck of it. I don’t need to fully research each prospect, when you know that you will probably not be interested in it. It may take a little time for me to learn how you work and what you are looking for, but I have access to large databases, I love what I do and I want to learn. Myself, I look forward to establishing some great relationships with some of our investors here in the Fayetteville, NC area. Another day, people to meet and things to learn.