It can be challenging for both Buyers and Sellers when they are dealing with a specialized transaction like a Las Vegas Foreclosure or Short Sale Home – here are some practical tips on how to win in this turbulent market!!

Get Educated if you want to survive in this ecosystem-  Buyers and Sellers need to be educated about the foreclosure and short sale transaction, as it is different than the traditional offer and acceptance process and it can be much longer and more convoluted.

Hire an Agent who knows their way around a Foreclosure or Short Sale - interview several agents to find an agent that has the experience to market and negotiate e a foreclosure or short sale – their front end training and familiarity with these specialized transactions is very important. 

Get an Agent with a Black Belt in Marketing: your agent should know how to leverage online marketing processes for maximum exposure; over 70% of buyers start their search on the internet. Experience - critical market exposure become the 800 pound gorilla in today’s real estate market. 

Get Close and Personal with your Banker - in a Foreclosure Transaction the seller-homeowner is also forced to factor in the Bank’s needs and interests in terms of what financial return the bank wants to generate during a Foreclosure or Short Sale.  

To everything there is a Time and a Season - your maximum exposure in the market is during the first 45 days, so the homeowner-seller should recognize this and price the home accordingly.

The Seller needs to have Proverbial Skin in the Game – the homeowner-seller should be willing to contribute to closing costs.  FHA requires at least 6% down.  The buyers are expecting the sellers to contribute at least 3%.  Many Banks are willing to contribute to the buyers closing costs on the foreclosed homes so the homeowner seller must be competitive. The homeowner’s agent should advertise the Seller’s willingness to contribute - flexibility is critical. 

What gives you the Homeowner a Competitive Edge in today’s Market?  Your Edge as the homeowner-seller is your out of the box thinking and flexibility in terms of working with your realtor to structure a deal and or responsiveness to the buyer (Yoga anyone?)

Seize the Day by using full Disclosure to your Advantage – most banks do not know the condition of their homes, or if they do have any information, it may be limited at best. So, be prepared to provide the buyer with all the insight you can give them about your home.

Speed and Responsiveness are your new Best Friends - another edge that the homeowner has is the ability to respond quickly to the buyer’s offer so the buyer knows right away if they have a deal - banks typically take weeks to respond.  

Tune in next time for some big picture advice/counsel/insight on where we think the market is now and where it’s going – hint, things are better than you might think!