With the subprime loan mess that is all around us, and foreclosures popping up left and right, many are thinking that the foreclosure market is the next hot thing. Prospective buyers and investors are being lead to believe that foreclosures are where they will find the great “win-win” deal and have been calling on Real Estate Professionals to help them find that deal.
Before you jump right in, test your foreclosure knowledge with a quiz from REALTOR Magazine Online and learn the truth about foreclosures:
http://www.realtor.org/RMOQuiz2.nsf/foreclosurequiz?OpenForm
When you finish your quiz, check out the NAR Field Guide to Foreclosed Properties to fine tune your skills and get you ready to serve the new buyers and investor clients looking to tap into that market.
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I work for CurrentForeclosures.com, a foreclosures site and have seen a huge increase in the number of foreclosures in the past 7 months. I believe it is a combination of not only sub-prime and ARM mortgages, but also the high number of people who have gotten loans with interest rates at an all time low… in addition to the rapid depreciation in some areas and the difficulty some are experiencing in selling their homes.