With the Pandemic of Covid 19 affecting every industry in America, it’s difficult to see how this won’t affect the Foreclosed Property in Tucson market. Foreclosed property, aka REO Property (short for real estate owned) is a specialty within residential real estate that some agents (myself included) have focused on.
The primary difference between an REO agent who specializes in distressed property and a traditional residential real estate agent is our clients. As a REO agent, my client is the bank who owns the property , and my fiduciary duties lie with them. My job, is to secure the property, determine it’s market value, and suggest a strategy that will result in the most expeditious and profitable sale possible.
Unlike a traditional residential agent, REO Agents typically have specialized training, and are more experienced than a residential agent. Many REO agents are actually real esate brokers (in Arizona, a real esate broker has had an additional 90 hours of training in addition to broker management clinics) and as a result, REO Brokers (like myself) have seen changing real estate markets and know how to respond to changing sales conditions.
In today’s series of videos, I will share with you the process I go through to inspect, determine comparables, as well as complete the “Broker Price Opinion” that is required for placing a foreclosed property on the Tucson MLS.
In this first video, follow along with me as I inspect the property for the first time, and discover with me what work has been done, and what needs to be completed!
Inspecting A Foreclosed Property In Tucson
Determining The Value Of A Foreclosed Property In Tucson
Determining the value of a home that is a foreclosed property in Tucson or an REO property isn’t as easy as it seems. You must use a lot of internal judgement and market knowledge to understand buyer habits and be able to make reasonable predictions.
To do so, one cannot go by “gut feelings” or intuition alone. Banks and asset managers require in depth market knowledge and images so that they can determine value. This coincidentally is how I am able to make offers on Tucson Homes without actually seeing them many times.
In this video, I will share with you a deep analysis of the Tucson real estate market, and specifically as it relates to the value of a foreclosed home in Tucson.
Completing the Broker Price Opinion
Finally, in this video, we will compare the three solds and three active listings that I have found a suitable “comparables”. While no home is perfectly “comparable”, suitable similarities between size, age, and amenities can be found.
Discover how a bank receives the information, and then analyzes this data to produce a list price, as well as their strategy to obtain the most money possible!
Facing Foreclosure? Stop Foreclosure!
If you are facing foreclosure, there is still time! In this free, no obligation booklet, I will give you concrete steps to avoid this situation! Feel free to use the link below to get your copy today, or call me directly at (520) 403-6227!