Table of Contents
What is an SFR certification?
The Short Sales and Foreclosure Resource (SFR®) certification is for REALTORS® who want to hone the skills that will allow them to help buyers and sellers of distressed properties.
How do I become a REO agent for Bank of America?
What is a foreclosure agent?
As the name implies, a foreclosure specialist is a real estate expert that deals in foreclosure duties. Their work includes everything, from helping distressed homeowners restructure their loans to assisting investors with selling a foreclosed property.
Related Question how to become a certified foreclosure specialist
What is an SFR home?
SFR stands for “single family residence” which is a label assigned to standalone or single-family rental properties. SFRs are also commonly referred to as “single-family rentals” and an estimated 1 in 5 Americans rents a single family home.
How do you become a Fannie Mae agent?
What is a BPO in real estate?
When a real estate broker or other qualified professional determines a property's estimated value, it's considered a broker price opinion. A BPO is used as part of the listing agreement when selling a house. A lender, loss mitigation company or mortgage company that wants an assessment of a property can request a BPO.
Can you finance a foreclosure?
With short sales or bank-owned (also called real-estate-owned or REO) properties, you can finance the purchase with a mortgage. In fact, it's common to do so. Wells Fargo says approximately 60% of its foreclosed homes are purchased with financing. It is at foreclosure auctions that paying in cash is usually the rule.
What are the disadvantages of buying a foreclosed home?
Drawbacks Of Buying A Foreclosed Home
Increased maintenance concerns: Some homeowners have no incentive to maintain the home's condition when they know they're going to lose their property to foreclosure. If something breaks, the homeowner won't spend money to fix it, and the problem could get worse over time.
How much is short sale negotiation fee?
Buyer pays the 1% short sale negotiation fee directly at closing, which is offset by the 1% seller credit towards their closing costs, so the net result to the buyer is zero.
What is a short sale specialist?
Short sale specialists can assist distressed homeowners sell real estate that they are no longer able to afford. All short sales involve selling real estate for less than the bank is owed, typically due to the collapse of a housing bubble or multiple mortgages.