The Benefits Of Knowing A Good REO Agent in San Diego County
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There is plenty of benefit in knowing a good REO agent when shopping for Bank-owned or foreclosed homes in San Diego County. Like many parts of the country, where investors are gathering to scoop up Bank owned and Foreclosed homes at below market pricing, California, and particularly in San Diego County are very competitive. The coastal homes below $1,000,000 and especially below $500,000 are less available than some think. With Banks reluctant to Foreclose and sales data improving in both average sales price and units sold, the competition for the relatively few bank owned homes on the market has heated up.
Knowing a good REO agent that has relationships with multiple banks and outsourcers is key. Without a strong agent on your side guiding you along the way, you can count on writing offer after offer and being constantly outbid, not responded to or on the other side of the coin, paying thousands too much.
When looking for a REO agent,
- Start with identifying an agent who represents more than one Bank or Outsourcer. Agents with multiple bank relationships usually carry larger Bank owned inventory and may have a property in pre listing status that they can guide you to ahead of the pack. They usually are in constant communication with asset managers and have multiple loan officers that frequent their office, which helps them, stay more up to date on current government programs, lending issues and interest rates.
- Second look for an agent that has multiple designations such as CRS, SRS, e-PRO etc. These agents tend to value continued education and pride themselves on staying ahead of the pack as well as being on top of the latest technologies and marketing strategies. I prefer agents that have established systems and team members that can support them in the tasks that are better delegated as to help them focus more on you and your needs. That is assuming they are not too big they pass you off to their team and never are available to you again.
Now is not the time to be working with an unseasoned agent or one working part time in the industry to help you find a home. Frankly, they just are not equipped to do the research and be on top of everything that you need of your agent in this market.
Timing is critical; this may be the best time in our lifetime to invest in real estate, even if the market continues to deteriorate. There is plenty of money to be made in a down market. There are more homes that cash flow in San Diego County than there has been in the twenty years I have been watching this market. There are also many homes right now that can be purchased and flipped for a healthy profit. That is why you need the right professional in your corner.
If you are an agent tired of getting your offers rejected or not responded to and want to save your reputation with your buyer or you are just a buyer looking to capitalize in this foreclosure cycle, now is the perfect time to establish a good REO agent relationship.
Jeff Cole CRS, SRS, e-PRO
Broker Associate, Premier Property Director
The Jeff Cole Group
Exclusive Properties
#1 Top agent in production
760-525-7787
jeff@JeffColeGroup.com
www.JeffColeGroup.com
