Last year if you wanted to flourish in the real estate industry, you had to get REO listings. Many of us tried to do so, but the majority failed. The REO groups from the banks to the servicing companies, to the real estate professionals that got in early, formed a “good old boys” club. That made it almost impossible for the rest of the Realtors.
People wanted to buy bank owned properties to get a bargain. But when many people started looking into purchasing one of these homes, they were shocked at the condition. Entire kitchen’s and all the appliance taken by the homeowner prior to vacating, holes in the walls, stained mildew smelling carpets, and sometimes even mold. This became a problem for the banks because after spending large amounts of money on legal fees as well as prolonged periods of time to get the property back, they had an asset that was in very poor condition and very devalued. They either had to fix the deficiencies to make it sellable, or accept a deep discount to get it sold.
Having spoken to some top executives at a major bank, it was indicated to me that the bank will back off of foreclosing in most cases and migrate towards, loan modifications or short sales. The consensus is that 30% of the troubled people will get a loan modification and 70% will choose to or be forced to short sale their home to avoid foreclosure.
At Exit Realty Premier Properties, being a one stop shop has always been a priority for us. In addition to real estate we have always aligned ourselves with the best lenders, title companies, home inspectors, contractors, and appraisers in the business. We have grasped this philosophy to better serve our customers.
That is why short sales and loan modifications have been implemented as part of our business model. Through education and having aligned ourselves with some of the best Attorney’s that specialize in short sales as well as loan modifications, we have become the experts, in getting short sales done. We did this recognizing that certain tasks should be left to the experts. We will assist our clients in making the right choices for their situation, in a difficult time.
We will provide our clients with free legal representation should they choose to sell their home with us in a short sale situation as well as real estate services such as marketing, selling, and closing their home, that are free to them. We will do it all and get the lender to pay the real estate, attorney, and title fees. That’s right, all of this with absolutely no cost to the client.
We are presently in the process of redesigning our website with all of the short sale information you need as well as creating a special section for short sale properties available for buyers. If you have any questions please contact me, Victor DeFrisco, at 561-951-3759, or email me at vdefrisco@exitrealtypalmbeach.com .