How do First Time Home Buyers look for the Foreclosure or Short Sale?

According to some experts, the real estate market will be a “buyer-driven market for the foreseeable future,” with approximately 30% of the market representing investors. This presents First Time Home Buyer in Denver with a big reservation…should I be competing against investors for the same West Highlands Condos For Sale?
Prices are being kept artificially low because of all the foreclosures and short sales. Interest rates are the lowest they have been in years and there is a lot of homes on the market. Now is the time to find a way to help first time buyers compete in what may be a once in a lifetime housing market.
In an another effort to invigorate the economy the government is announcing policies supporting short sales-including financial incentives and stricter process timelines that will make short sales an even more lucrative option for distressed homeowners and those real estate professionals who serve them.

Buyer Beware
While REO’s represent opportunity for the first time home buyer, not every real estate professional is properly prepared to effectively handle this type of business. Many agents have never experienced the short sale process and can be in over their heads, very often with no help in sight. First time home buyers should choose a short sale savvy agent if that is the type of properties that they are going to pursue.
Also be advised that foreclosure sales are not for every agent and should be embarked upon only by those real estate professionals with the necessary knowledge and skills, however, the REO buyer’s agent is an idea whose time has come and is being pursued by a few of the more progressive and savvy agents in the market.

Keeping it Real
While discussing the risks involved in short sale or foreclosure transactions, it is critical for real estate professionals to adopt the role of information provider and counselor.
A true real estate professional will never tell a distressed property owner what to do. Instead, they will provide the seller with all of the critical information necessary for the seller to make the best decision for their particular circumstance. The shaky state of the housing market and the economy makes this a critical time for real estate professionals to play a positive role.

Patience and More Patience
Solving the foreclosure and short sale epidemic in the United States will take time and a lot of patience. The complete rebuilding and reshuffling off the real estate industry will be right on the heels of the distressed property market. But proactive and positive steps taken by real estate leaders and government officials could shorten that timeframe.

The message to real estate investors and first time home buyers is the same…buy now; prices and interest rates are low and inventory is high…now is the time to buy!

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