the foreclosure game

So as buyer agents we try to do our best to prepare our clients for as many problems and contingencies as possible. But I missed a really big one. We are so close to getting our foreclosure to settlement and the bank puts it on hold. So what does that mean "put it on hold"? Well no one can really tell us. It may be on hold for a couple days or a couple months. Nobody will give us a straight answer. How so I manage my buyers expectations when they are telling me that this is the worst experience of their lives. (thank heaven they still like me) The irony is that the buyer works for a Major Mortgage Lender in the REO department.

I am at the point that I really do not want to deal with foreclosures anymore. I was getting really good at dealing with the REO agents (anticipating what they needed from me/us) and managing the buyers expectations. But with this new development I really do not want to deal with it again.

But I will. More than one third of the sales in my area are Foreclosures. Most of them to first time homebuyers. I specialize in First Time Homebuyers. So NOW I have to make sure that the buyers understand what is going on in the market and how it is changing every day. Managing expectations was challenging and now even more so.

So the best thing that I can do is keep myself educated and educate my clients.