One of my pet peeves is how complicated and frustrating it is to buy foreclosed assets from a bank. According to The National Association of Realtors, in the second quarter of 2009, nearly 48% of Arizona sales were REO transactions. I just read an excellent article in the October issue of  Arizona Realtor Magazine that is a must read for anyone wanting to buy REO property, or a Realtor working in a REO transaction.

In summary if you’re a buyer’s agent:
1. Understand the listing agents challenges
2. Set your client’s expectations
3. Do your property homework.
4. Determine the listing agent’s preferred way to communicate.
5. Submit a complete offer.
6. Understand lender requirements and addendum.

If your listing a REO property:
1.Put yourself in the buyer agent’s shoes.
2. Include pictures on the MLS.
3. Spell out offer requirements
4. Be responsive.
5.  Assume you’ll see these agents again.

For a complete copy of this article, go to http://www.aaronline.com/AZR/Oct/09REO.aspx

This entry was posted on Sunday, October 4th, 2009 at 9:10 am and is filed under News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.