Erin Cureton: How to Form a Team to Buy and Sell Foreclosed Homes
Buying Realtor In order to get the best deals on the market, you need to have a realtor who is plugged into the foreclosure market. Often, these realtors work directly for one or several banks in the area that are trying to get rid of distressed homes. These realtors can give you advice on the market, advice on how to bid for a property, and they often have connections with a mortgage banker who can get you financed in today’s market. How do you find this realtor? Ask around.
Mortgage Professional I do not endorse any lender over another, but I do get financing from Wells Fargo and Countrywide, two of the largest mortgage lenders. Your mortgage broker must be up to date with the change in the market. Many times the mortgage professional at larger lending institutions will be more capable of adjusting to this market and the changing needs of it. You need a mortgage professional who will be honest with you and work quickly for you. Today’s mortgage market is different than it was 1 month ago, 5 months ago, 1 year ago.
Selling Realtor If you get the right buying realtor, they won’t have time to sell your home. They are too busy with their bank contracts. You need a selling agent that is well versed in your city, or even in your neighborhood. The key is to find an agent who is honest with you to price your home correctly to ensure a sale. Time is money when you are flipping a house. Price it wrong and you could carry a property months longer than you should. Mortgage, taxes and utility payments can easily run into the thousands of dollars and cost you time gong towards your next project.
