Hello there, fellow real estate enthusiasts! Today, I’m going to bring your attention to a niche in the real estate market that, while not necessarily glamorous, certainly offers potential for racking up those commissions: distressed property sales.
The harsh truth is that there are always homeowners falling on tough times, and when they do, they can wind up facing pre-foreclosure or even foreclosure. This opens up a plethora of opportunities for you and me to step in and work our real estate magic.
Pre-foreclosure sales can present themselves in two ways. One form is short sales, in which homeowners sell their property for less than what they owe their lender. While not an ideal circumstance for the homeowner, the lender typically forgives the remaining balance. On the other side of the coin, traditional sales can occur when the seller has accrued enough equity to pay off the delinquent debt and make a profit.
Foreclosure sales, typically conducted through courthouse auctions or sheriff’s sales, represent the second type of distressed property sales. While perhaps daunting to the uninitiated buyer, such events can be a potential gold mine for those well-versed in exp realty.
The final type of distressed property sales avenue to explore is through bank-owned properties, or REOs. These are properties repossessed by lenders after they were unable to find a buyer at auction. These listings can be found on the MLS, and can provide ample opportunities for those investing in real estate. Yet, this path may require building relationships with lenders and mortgage servicers.
Now, for the sobering part—you may have heard that foreclosure activity is at a historic low. This starkly contrasts with the memory of the countless foreclosures resulting from the Great Recession. However, the tide may be shifting once more towards more normal foreclosure levels as consumers face increasing financial strain.
Opportunities still exist, and in hundreds of thousands, to expand your business through distressed property sales. But seizing these opportunities may require you to adjust your approach to differ from past practices.
For example, have you ever considered dipping your toes into the waters of the virtual brokerage model? With the advancement in technology and the increasing popularity of remote work, there’s no doubt that a significant part of the future of real estate lies in the realm of virtual brokerage.
Let’s also talk about location. Have you ever thought of broadening your horizon to include the Southern California market? With its diverse property types and generally consistent market trends, Southern California real estate presents a wealth of opportunities.
Distressed property sales, while challenging, can deliver significant benefits. It might not be the path for everyone, but for those willing to hone their skills in this niche and navigate a unique challenge, the rewards could be very appealing. It’s definitely a strategy worth considering as you plot your course in the ever-evolving world of real estate. Stay tuned for more insights and tips to enhance your real estate prowess.
Original Article: https://life.exprealty.com/distressed-property-sales-expand-your-business/
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