How to get more foreclosures sold

As a professional Baltimore REALTOR in the business that works by referral, a large number of my clients are buyers.

Some buyers have a fear of a bank owned home that's been sitting vacant for who knows how long.

After educating my clients, some may consider, but most don't.

Many buyers don't trust REO homes. Some feel like the banks are covering up something and don't know what their real expense is going to be.

I would say to encourage more foreclosure purchases the following incentives need to be implemented, ACROSS THE BOARD!

This would change a lot of buyers perception of foreclosures.

1. Provide tax incentives for foreclosure purchases only.
2. Provide agent bonuses.
3. Provide 3 year home warranty.
4. Create a much shorter 203k rehab loan process.
5. Free home inspection and or reimbursement.
6. Guaranteed closing help.

Another problem is maintaining the exterior and interior of the house! You should never be able to always pinpoint the foreclosed home on the block.  Curb appeal is what starts interest.  If the buyer Is turned off before they walk in, the incentives may not be enough!

These should be done across the board as it will change everyones mind about foreclosures.

Just like famous fast food restaurants, when you go you expect a certain level of service.  Maybe if there were an expectation set, the fear would slowly disappear and more buyers would talk about their awesome foreclose purchases.  Which would lead to buzz and more sales!

If these and other changes are implemented across the board, buyers would feel more comfortable as they would know what to expect and be ok with the idea and thought of a foreclosure purchase.

Thank you for reading and feel free to contact me with any question or thoughts.

My goal is to help change this industry and help everyone!

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