The process of purchasing a distressed property can be challenging for many buyers, both new and repeat, who haven’t gone through it before. Everyone likes a deal, and distressed properties often give a buyer a deal on a home that they may not have otherwise been able to afford. Having an experienced and knowledgeable buyer’s agent on their side can give buyers confidence in the process. If your buyers have their heart set on submitting an offer on a distressed property, here are some tips to help them through the process.
1. Explain the process. Many buyers don’t know that the process for buying a distressed property is different from buying a non-distressed one. The process may not only be longer and involve more people—including a bank—it also involves more red tape and hoops to jump through. This isn’t to say that you should steer your buyers away from these properties; however, it is important to explain what they can expect during the process, and give them a realistic time frame of events, especially if you’re dealing with a short sale. This will help to eliminate any frustration that may occur further down the line.
2. Stay on top of the transaction. When dealing with distressed properties, much of the process involves waiting. However, it’s still important to check in periodically with other real estate agent as well as your buyers. The other agent will be able to give you a status update on the offer, while checking in with your buyers reassures them that you’re on their side and are working hard in their best interest. Referral Maker® real estate CRM makes it easy to keep in touch with all parties involved in the transaction by reminding you when to contact them. If you’re not already using Referral Maker, what are you waiting for? A 30-day free trial? Okay then, you got it. Go to ReferralMaker.com for more information.
3. Get help. If you’ve never dealt with a distressed property before, or you’re not sure of the process, do yourself and your clients a favor and get help from an agent with distressed property experience, or refer your clients to another agent who will better serve them. Distressed property transactions take extra care and knowledge, and while it would be a learning experience for sure, you don’t want to lose clients in the process. Admit what you don’t know and do what’s in your client’s best interest.