Foreclosures are up 115% over the last year, and industry experts are predicting that number to soar.
There will be 2.2 million in 2008 — more than double the number of foreclosures in 2007, according to the Mortgage Bankers Association of America.
Only a select number of agents who have been able to break into thisREO market will be successful. Some industry experts say most agents are ill-equipped to list and sell foreclosed homes.
“It takes a certain type of person to clean a crack house. It takes a severe Type A personality…,” said Michael Krein, president of the National REO Brokers Association.
Since they are ultimately responsible for these extreme home makeovers, money is a never-ending battle for agents who want to break into this lucrative market.
“Two million subprime mortgage foreclosures are likely to occur by 2009 if home prices continue their downward spiral,” according to congressional report by Joint Economic Chairman Sen. Charles Schumer, D-N.Y.
So with this much anticipated business, can agents afford to take a step back and not push their way into this market?
PropertyMinder, Inc. is helping agents across the country get a stronghold on this escalating trend. With new search functions for the savvy buyer, agents can now offer their clients instant access to foreclosure properties in their local markets.
With just a simple ad on Craigslist, Yahoo, Google and MSN, agents are seeing hundreds of searchings being set up monthly