When it comes to REO, the real estate agent who list and sell them are a different breed. Listing agents must be keenly attuned to the unique circumstances of the homes they represent and be prepared to address them. Selling agents must partner closely with the potential buyers of these properties. They must possess an intimate knowledge of this specialized market and how it differs from the real estate business in general. Whether you’re a listing or selling agent, you should also have significant industry experience in order to successfully move these properties. And, you must be aligned with a lender who shares the same niche specialty – one that has access to all the loan programs available in today's mortgage marketplace.
...Attract a Different Kind of Buyer
The people who wish to purchase REO come from all walks of life. Some may be credit challenged and are pursuing their dream of homeownership by taking advantage of what they perceive to be a great deal. Others may be first-time homebuyers that may lack sufficient credit history. Then there are those who view REO as simply great investments. No matter the reason or circumstance, the very nature of these properties demands a high touch, customized approach to working with these buyers.
...and Require a Different Kind of Lender
Lenders specializing in REO are also critical to the equation. For a transaction to progress smoothly, listing and selling agents must partner with a lender who understands the risks and rewards of working with potential buyers of REO, and has the knowledge and resources to make these mortgage loans happen. More importantly, you should work with a lender who will be authorized to accept your client’s offer.
Fay Mortgage Services: Your REO Lending Partner
We have intimate experience in the REO space as our servicing arm, Fay Servicing, has overseen and continues to oversee the listing and sales of thousands of REO, Short Sales and Deeds in Lieu of Foreclosure. We are here to work with the real estate agent community while providing the best customer service and the most competitive rates in the market.
We understand your need for efficiency and flexibility, and want to become your reliable partner in real estate agent transactions for REO. In fact, we’re so confident that you’ll love working with us that we believe you’ll choose Fay as your lending partner for other properties, too!
Benefits for Listing Agents
- LOCAL PRESENCE: A Fay loan officer will attend ALL of the open houses you have for ALL of the REO you list on behalf of Fay Servicing.
- PRE-QUALIFICATION: To help you confirm that your clients are qualified to close, we require all prospective purchasers to be pre-qualified by Fay Mortgage Services at an open house or online.
- FULL INTEGRATION: Because we've been servicing these loans, Fay Mortgage Services brings a full understanding of each property, providing greater efficiency.
Benefits for Selling Agents
- FLEXIBLE UNDERWRITING STANDARDS: We evaluate each and every prospective borrower based on his or her own particular circumstances and always focus on their individual needs.
- ONSITE PRE-QUALIFICATION: Your applicants will be pre-qualified by a Fay loan officer during any open house they attend.