Foreclosure Real Estate Agents' Role

 

A former high school teacher, and a real estate veteran of 30 years — back in the early 1990s Larry Blachman was making a six-figure income buying, listing and selling foreclosure properties for various lenders while other Realtors were just wishing they could make six figures working in the real estate business.

The Important Role Real Estate Agents Play in Foreclosures

“As Realtors we have a very important role to play in society when dealing with foreclosures,” said Blachman, who now spends most of his time teaching other real estate agents how to work foreclosure leads and short sales at local associations of realtors around the state.
 

“Don’t feel like a vulture. People in foreclosure really need our expertise and help.”

One piece of advice Blachman gives agents who want to farm foreclosure leads and work with home buyers, is to learn the vernacular of foreclosures. In other words, familiarize themselves with the language used and the parties involved: the trustor (borrower), the trustee (a disinterested third party representing the lender) and the beneficiary (the lender). These parties are usually identified on the Deed of Trust as well as on the RealtyTrac website.

Another important aspect of working real estate leads when it come to foreclosed properties in an agent’s territory is knowing which lien holder is foreclosing — the holder of the first or the second trust deed, etc. Equally important is familiarizing themselves with the property itself. Much of that information is also available by checking out the property profile at www.realtytrac.com.

Having conducted a property search, and armed with all this information, a real estate agent is fully equipped with the essential tools needed to work with buyer leads and help prospective home buyers or investors make an informed decision when looking either to buy a foreclosure as an investment property or as a home purchase.

Whether conducting a property search for home buyers, working your agent territories, or house hunting to buy an investment property for yourself, “be prepared” is more than just the Boy Scouts motto. It means that doing your homework in advance can really pay off when your agent leads come in through the RealtyTrac Agent Network™.

No matter what stage of the foreclosure process a real estate agent chooses to work, albeit pre-foreclosures, trustee’s sales, or lender-owned properties (REOs), the role they play in the process is key. In these times of economic uncertainty foreclosures are going to continue to be a major component of the nation’s real estate scene for the foreseeable future, and a real estate agent who can negotiate a short sale or work with a distressed homeowner trying to sell his or her way out of foreclosure, is a real asset in the overall process of buying property.

Likewise, real estate professionals who come well-prepared to the market, like Blachman, and who are well versed on how they can best help home buyers and investors with the house hunting process when dealing with foreclosure leads, are the most likely to succeed.

In the end, no matter what happens with the nation’s economy, real estate agents who are well prepared to work with buyers, seller and investors in the foreclosure arena have a decided advantage for a successful real estate career over the long-run.


 

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