Up to 50 percent of all transactions in many markets are foreclosures, short sales and REOs. Like it not, these types of transactions are part of the landscape. While you're busy protecting everyone's interest, are you taking the necessary measures to protect yourself and your brokerage? Back in the early 1990s, I specialized in representing REOs (properties that the banks had taken back in foreclosure). At that time, my role was to do essentially the same thing that I did with every other seller. The banks sent their representatives to regularly inspect the property; they were in charge of making any repairs; and they paid for the utilities. In 2008, this is no longer the case. In their enthusiasm to list multiple properties from a single lender, agents often agree to pay for ...
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