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If you are the Personal Representative for an estate that has property to sell it will be your responsibility to pick a real estate agent to list the home for sale. If you do not know any agents who are familiar with Probate sales, you have another excellent option, a Foreclosure specialist.
Foreclosure specialists, also known as REO agents, have the skills needed to be a successful Probate Agent.
Here are the similarities:
1. Pricing your home: REO agents have done hundreds to thousands of BPO's. These are broker price opinions which are used by the bank to help determine market value of a property. No one knows the market value of a home better than an REO agent. They can advise you on the price you can reasonably expect to get for your home, and the listing price that will be most effective to get that price.
2. Cleaning out your home: REO agents have "trashed out" hundreds of home and know the best haulers to accomplish this at the best prices. Even more important REO agents are trained to know the difference between trash and valuable personal property, so you will not have to worry about valuable items that were hidden away getting trashed instead of returned to the estate for sale or distribution. Every probate home I have ever helped sell has been full of both trash and personal items. You can hire firms to sell the valuables, but the trash out has to be paid for separately in most cases. Very often valuables are hidden in furniture or other items that were called worthless by the appraisers and auction houses. These valuable will not escape a good REO agent.
3. Need carpet, paint, or some other cosmetic repairs? Again, REO agents have done this hundreds of times and know the best contractors to do things properly and at the best prices. They also know the difference between what has to be done for health and safety and what items should not be fixed because it will only add liability to the estate.
4. A Probate agent needs to follow directions from the Probate attorney and not just take the lead. REO agents are team players and are used to taking direction from the banks that hire them. If there is a rule they follow it, whether they agree or disagree with that rule. You do not want any rogue agents dealing with your probate sale and making up their own rules.
5. Picking the best offer for the estate, not for personal reasons is essential in a Probate sale. An REO agent is experienced in knowing what kind of offer is best for the estate. They are not swayed by compelling stories like this is someone's dream home, or my grandmother knew your grandmother. They can guide you towards choosing the offer that will be the best one for the estate. The Personal Representative's job is to do the best job for the estate, and not let his or her own emotions make decisions.
6. Do you represent an estate with a valuable house but no cash? Does the house need some cosmetic upgrades in order to get a better price? Is it full of trash that needs to be disposed of? Are the carpets stained and smelly? Is it full of furniture that has no resale value, but no money to do any of these things. Very often you can get an REO agent to front the money to get the house ready, and then repay them at close. The banks did this for foreclosures so it is not a foreign concept for an REO agent.
In the past, REO agents were so busy with selling homes for banks that they had little time for working other kinds of transactions. However, foreclosures have plummeted, and now there are plenty of real estate agents with exactly the kind of skills you need to sell your home in Probate.
If you are looking for an REO agent the best place to go is http://reopro.ning.com/ Here you can find REO agents from all over the country.
If you have any questions about finding an agent for your Probate sale please feel free to contact me.
Keller Williams Realty