Why Our Buyers Love Us

We pride ourselves on being experts in not only helping you find your next home, but also negotiating on your behalf to get the best deal possible! Today's market requires you to "be on your toes", as oftentimes the best deals go under contract the first day they are listed on MLS. When representing our Buyers, we often search MLS several times per day, using your parameters. This way, when something is listed, you are first in line to see it. See our current listings here.

In addition, as CDPE's, we are very aware of what it takes to purchase a distressed property. Below is a list of things we look for when it comes to buying a short sale, foreclosure, or REO (Bank Owned) property. Remember, all of this service comes at no cost to you, the Buyer. The Seller or Lender pays our commission, depending on the type of transaction.

5 Things We Look For When Representing Our Buyers On Distressed Properties:

1.                  The Seller must have a qualifying hardship before the banks will even consider a short sale.  Simply being “upside-down” does not qualify as a hardship.  This hardship must keep the borrower (Seller) from being able to meet their monthly financial obligations.  As your representative, we will confirm this with the Listing Agent (if the Seller is represented), or with the Seller themselves. (see our report titled “3 Must Have Qualifications” for more information)

2.                  The loan being considered must be “seasoned” (12+ months old).  We can tell you how long the latest mortgage has been in place.  If we find that the loan is less than 12 months old, we advise our clients to move on to other opportunities.  Despite the many rumors flying around, the Seller does not have to be in default on their mortgage for the lender(s) to consider a short sale.

3.                  If the property being considered is represented by a Listing Agent who is not a Certified Property Expert (CDPE), or hasn’t received any training in short sales, and/or has never presented or negotiated a short sale with a lender before, then we will be faced with yet another challenge.  In cases like this, our experience tells us that we have a less then 10% chance of getting the deal done.  Most often, we are forced to step in and educate the Listing Agent on how to successfully negotiate with the lender, on behalf of their Seller.  CDPE’s close, on average, over 80% of their short sales listings (according to The Distressed Property Institute).

4.                  Just because the Listing Agent lists a property at a certain price, there is no guarantee that the bank will accept even a full-price offer.  We have personally seen offers rejected by the Lender that were 15% or more over the asking price!  Again, an inexperienced agent can make things very difficult.

5.                  We find out if the Listing Agent is planning on submitting more than one offer to the bank.  We also ask them if they plan on submitting an accepted, executed contract, or an unsigned offer(s).  We will only allow our clients to move forward if the Listing Agent agrees to submit ONLY ONE SIGNED, EXECUTED CONTRACT to the Lender.  Period, end of story.  Anything else is a waste of both yours and our time, and lost opportunities as other great deals are getting done while we sit around waiting for a deal that, quite frankly, doesn’t exist.

If you are in the market for a short sale property, PLEASE do yourself a favor and make sure you are working with a qualified buyers’ representative, like Ed Cheney or myself (Bob Hertzog).  We know our way around short sales, and we can save you a lot of brain damage in finding your next home.  If you insist on working with a  Certified Distressed Property Expert (CDPE), then you are taking a step in the right direction.

Ready to find your next home?  Feel free to use our MLS Search by clicking here.