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How to Show REO Inventory
For those who are new to the business or unfamiliar with REOs, here are a few tips on ways to show the properties in our inventory to the best of your abilities.
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First and foremost, always call our front desk before venturing out to see a property. Our staff will be able to provide you with the most current information regarding lock boxes and key codes. Even if you’ve shown the property before, access methods and status may have changed since your last showing. Also, additional information may have become available.
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Please pay special attention to the details included in the MLS listing. Keep in mind that banks are not in the business of property management so the homes are not always in perfect condition. Many were vacated in a hurry, and some former owners may have stopped maintaining the house once they learned of the foreclosure. By familiarizing yourself with the details included in the listing you can ensure you are aware of any possible hazards, or pre-existing conditions. Also, the listing will include information regarding special financing requirements or bank incentives. Educating yourself on the property you are showing will enable you to best inform your prospective buyers.
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Always carry a flashlight! Some of these homes have been vacant for a while and may not have active utilities and could present a hazardous situation.
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Know the area and the property you are showing well. Some of these homes are not in the best condition. However, the financial institution has gone to great lengths to ensure that they are priced accordingly. What the home may lack in appeal will be made up in value.
- Share as much information as possible with your potential buyer before venturing out to the property. Make sure they are aware that if their bid is accepted the contract of sale will stipulate that the property will be sold in as is condition. This means that the bank is making no representations or warranties. For example, while the plumbing, heating and electrical systems may be in perfect working order, they are not guaranteeing anything. Fortunately inspections are allowed so that the buyer will have a comfort level before signing contracts.
Island Advantage Realty
Island Advantage Realty, LLC has established itself as an innovator and leader in the REO market throughout Metropolitan New York and Long Island. With 20 years of experience handling foreclosed and residential properties, you can rely on our knowledgeable team of agents to assist you with all of your Real Estate needs. Trust the experts. Trust Island Advantage.
Island Advantage Realty knows that your privacy is important to you. That's why we want you to know that your information will never be sold or dissemination by us to anyone without your permission.