Understanding each homeowners’ best options is key to being a real estate professional who advises homeowners in need of selling their home, especially when they are upside down or in default of their mortgage.
For many homeowners, bankruptcy may be a much smarter choice than facing foreclosure. But they may not have all the information they need to make the right decision. That’s where the agent comes in.
The purpose of bankruptcy is to offer financial relief to individuals when burdened with debt and looking for a “fresh start.”
In bankruptcy, homeowners have the option to retain or surrender their home. If they chose to retain, the homeowner must bring their home current or qualify for a modification. The harsh reality is that the vast majority of homeowners who are delinquent in bankruptcy end up in foreclosure. For homeowners that chose to surrender their home, the bankruptcy trustee becomes the legal seller and has the right to sell the home and settle the debts. However, over 98% of surrendered homes are abandoned by the trustee pushing the obligation back on the homeowner and right into foreclosure litigation.
By better understanding bankruptcy, you can help these homeowners sell their homes and avoid foreclosure.
Today many real estate professionals learn how to sell bankruptcy real estate and become something of a knight in shining armor to their clients in need.
Offering professional real estate experience to homeowners in bankruptcy is extremely rewarding and builds long term goodwill. It is always a good feeling to help a seller in need.
As a real estate professional, are you prepared to help?
Selling properties in bankruptcy is complicated but can also be very profitable. ost real estate professionals shy away from them, unsure how to assist homeowners through the process. A homeowner in bankruptcy is called a debtor, and a debtor goes through many stages while in bankruptcy, and understanding these stages and what options they have is key. Debtors have many options.
Today, real estate agents and brokers have teamed up with BK Global, a company specializing in the sale of bankruptcy properties nationwide. BK Global has built an online platform giving the over 1,250 bankruptcy trustees and mortgage servicers the ability to connect and collaborate online to simplify selling real estate assets in bankruptcy.
Become a Certified Bankruptcy Specialist and help sellers in bankruptcy
BK Global offers a Bankruptcy Specialist Certification that empowers real estate agents and brokers with the knowledge and solutions needed to work with a homeowner in bankruptcy.
“We’ve put together a training program where we certify brokers as bankruptcy-certified specialists, and we train them so that they know how to work these situations in bankruptcy,” said Brad Geisen, CEO of BK Global. “Brokers and agents know the best way to assist through our program. When talking to a homeowner, they know what to do and what to say. There are over 800,000 properties in bankruptcy between Chapter 7 and Chapter 13 right now, and that’s before the surge.”
Once you complete the certification, you are part of the BK Global broker network. BK Global assigns listings from trustees to certified agents and brokers in the local market and will refer homeowner listing opportunities on select cases. As part of their network, BK Global will help you work with the trustee and obtain lender approval from the mortgage servicer.
BK Global also provides access to all of the bankruptcy listings in your area, and you can approach the homeowners directly. You would be surprised to see how many homeowners are in bankruptcy. You can click on the link below and type in your zip or city and see current bankruptcy opportunities.
About BK Global
BK Global was founded by Brad Geisen, a 35-year veteran of the default real estate industry, to mitigate real estate assets in bankruptcy better. In his career, he created or operated websites such as Foreclosure.com, HomePath.com, HomeSteps.com, TaxLiens.com, HUDHouses.com, and many more. He developed and ran a pilot program for the HUD, which became the highly effective HUD M&M Program that still operates today. Mr. Geisen created the first online offer management platform which has become the industry standard used by mortgage lenders and Government-Sponsored Enterprises (GSEs).
He also created a national training and education platform for GSE’s and Mortgage Servicers to improve vendor performance and ensure compliance. He also developed a National Short Sale Platform, to facilitate fast, efficient approvals.