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 SHEETLETTER FROM BUYERS TO

SELLERSLETTER ABOUT YOU – THE AGENT

PACKAGING YOUR OFFER FOR SUCCESS

ACTUAL PREAPPROVAL !!!!!! PROOF OF CREDITAGENCY DISCLOSUREPURCHASE 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 LISTINGSSEARCH CANCELLED LISTINGSMAIL, 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 BUYERPRESENT A COMPLETE

PACKAGEDO NOT RELY SOLELY ON MLSSHOW THE CORRECT PRICE

RANGEGET MANAGEMENT INVOLVED

FACTLET 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.

CONCLUSIONTAKE THE EXTRA STEPS

TO PUT YOUR CLIENTS IN A POSITION TO WIN