SUCCESS IN REPRESENTING BUYERS ON REO’S

OBSTACLES SO MANY ACTIVE LISTINGS IN THE AVERAGE PRICE RANGES ARE R.E.O.’S MANY OF THESE LISTINGS HAVE MULTIPLE OFFERS

PREPARING YOUR BUYER FOR TODAY’S MARKET MEET WITH YOUR BUYER’S IN A CONFERENCE ROOM BEFORE YOU TAKE THEM OUT TO SEE HOMES EXPLAIN WHAT IS GOING ON IN THE PRICE RANGE THEY ARE LOOKING FOR. NOT ALL PRICE RANGES HAVE MULTIPLE OFFERS. EDUCATE THEM ON THE MULTIPLE OFFER ISSUES ON R.E.O.’S

PREPARING YOUR BUYER FOR TODAY’S MARKET GO OVER LOAN PAYMENTS, PROPERTY TAXES AND THE COSTS INVOLVED IN BUYING SHARE YOUR EXPERIENCE’S WITH THEM GIVE EXAMPLES OF PROPERTIES SELLING SUBSTANTIALLY OVER LIST

HERE IS WHAT WE KNOW… R.E.O.’S RARELY SELL FOR THE LISTING PRICE OR BELOW WE KNOW THEY OFTEN SELL FOR $30,000 OVER LIST PRICE OUR “BUYER” CAN’T QUALIFY OR AFFORD THE HIGHER PRICE, SO THEY DO NOT GO HIGH ENOUGH IN PRICE ON THE COUNTER OR LAST, BEST, AND FINAL.

IF YOU ARE SHOWING PROPERTY TO YOUR BUYERS AT THE MAXIMUM PRICE RANGE THEY CAN AFFORD, OR EVEN CLOSE TO IT... YOU ARE MAKING A MISTAKE !!!!!!!!!!!!

HERE IS THE ANSWER DO NOT SHOW LISTINGS AT YOU CLIENTS MAXIMUM PRICE SHOW LISTINGS WHERE YOUR CLIENT CAN GO UP SUBSTANTIALLY IN PRICE FOR EXAMPLE $30,000 - $50,000 !!!! PREP THEM FOR THIS SCENARIO FROM DAY #1 !!!!

EXAMPLE IF YOUR BUYER CAN AFFORD A $400,000 SALES PRICE, SHOW HOMES LISTED AT $359,000 - $370,000 HAVE THEM PREPARED TO PAY AS MUCH AS $400,000

PACKAGING YOUR OFFER FOR SUCCESS COVER LETTER WITH A TABLE OF CONTENTS CONTACT INFORMATION SHEET LETTER FROM BUYERS TO SELLERS LETTER ABOUT YOU – THE AGENT

PACKAGING YOUR OFFER FOR SUCCESS ACTUAL PREAPPROVAL !!!!!! PROOF OF CREDIT AGENCY DISCLOSURE PURCHASE AGREEMENT & OTHER OFFER FORMS REQUIRED

WHAT WILL HURT YOUR CHANCES OF GETTING YOUR OFFER THROUGH ? NOT CALLING THE OB TO TELLING THEM YOU HAVE WRITTEN AN OFFER AND FAXED IT NOT CONFIRMING THEY RECEIVED THE OFFER

WHAT WILL HURT YOUR CHANCES OF GETTING YOUR OFFER THROUGH ? MAKING MISTAKES ON THE OFFER SUCH AS…LEAVING ITEMS BLANK, ERRORS ON THE AGENCY SECTION, COST ALLOCATION ERRORS AND, NOT TURING THE BANKS REQUIRED ADDENDUMS IN WITH THE OFFER IT IS OK TO CALL ON A REGULAR BASIS FOR UPDATES, THEY NEED TO KNOW YOU ARE ON TOP OF THE ISSUES AND ON TOP OF THE TRANSACTION.

YOU SHOULD ASK MANAGEMENT FOR ADVICE PRIOR TO PRESENTATION WE MIGHT KNOW THE O.B. AND COULD MAKE A CALL ON YOUR BEHALF WE MIGHT MAKE SUGGESTIONS TO MAKE THE OFFER MORE ENTICING

HELPFUL HINTS BE GRACIOUS AND POLITE TO THE ASSISTANT OF THE LISTING AGENT OUR ATTITUDES AS AGENTS SIGNIFICANTLY IMPACTS THE ATTITUDES OF OUR BUYERS. FRUSTRATION BREEDS FRUSTRATION. BE POSITVE. GIVE HOPE. PROVIDE SOLUTIONS. TELL SUCCESS STORIES.

HELPFUL HINTS SIT DOWN & EDUCATE YOUR BUYER ON THE MARKET AND CURRENT LENDING PRACTICES EXPLAIN WHAT IS HAPPENING IN THE PRICE RANGE IN WHICH YOUR CLIENT IS SHOPPING EXPECT A COUNTER AND BE PREPARED TO COUNTER HIGHER!

OTHER WAYS TO FIND HOMES FOR YOUR BUYERS SEARCH EXPIRED LISTINGS SEARCH CANCELLED LISTINGS MAIL, DROP OR DOORKNOCK AREAS YOUR BUYER HAS AN INTEREST IN

OTHER WAYS TO FIND HOMES FOR YOUR BUYERS LET OTHER PINNACLE AGENTS KNOW OF YOUR BUYERS WANTS. LOOK FOR NEW LISTINGS ON OUR BOARDS CHECK N.O.D.’S ASK THE FARMING AGENT IN THE AREA IF THEY HAVE ANYTHING THEY ARE ABOUT TO LIST OR KNOW OF A POCKET LISTING

OTHER WAYS TO MAKE YOUR OFFER MORE COMPETITIVE WAIVING CERTAIN CONTINGENCIES REDUCING THE NUMBER OF DAYS IN THE CONTINGENCY PERIODS AGREEING TO CLOSE ESCROW BY THE END OF THE MONTH ALL CASH IF POSSIBLE PROVIDING THE COMPLETE PACKAGE WE SPOKE OF EARLIER IN THIS PRESENTATION

SUMMATION PREP YOUR BUYER PRESENT A COMPLETE PACKAGE DO NOT RELY SOLELY ON MLS SHOW THE CORRECT PRICE RANGE GET MANAGEMENT INVOLVED

FACT LET THEM KNOW IF THERE ARE 10 OFFERS ON THE PROPERTY, THERE ARE GOING TO BE 9 LOSERS WHO LEAVE DISAPPOINTED AND UNHAPPY IT IS A LOT MORE FUN TO BE THE ONE OUT OF 10 WHO WINS, AND LEAVES HAPPY

FROM THE GROUND WORK LAID WEEKS BEFORE... WINNING IN A MULTIPLE OFFER SITUATION BEGINS BEFORE THE OFFER IS WRITTEN. PREPARATION OF THE BUYER IS CRITICAL.

CONCLUSION TAKE THE EXTRA STEPS TO PUT YOUR CLIENTS IN A POSITION TO WIN