Description

Good to get these kinks ironed out if you have not made a foreclosure offer before or in a decade some things may have changed or need refreshing.

Also in a low inventory market you owe it to all of your buyers to know every available listing on the market, such as FSBO, HUD/FHA VA

While I am not anticipating a serious foreclosure boom, there will always be some and since there have been so few, the only way to go is up.

The main reason there will not be a huge foreclosure boom is that there is so much equity in homes, that most can allow a traditional sale.

Foreclosures are a solid way to have a predictable outcome for a hearty buyer with a mild appetite for risk.

Most have been preinspected and items have been fixed or will be disclosed.

Keep in mind most asset managers will usually onely fix a home to the minimal lender requirements.  

While a buyer can inspect, the findings will not matter to the seller unless the appraiser calls a specific item into question

https://vrmproperties.com/

Do not need to link to your brokerage account.

Do need to work with the listing agent.

VA foreclosures are in the MLS.

VA foreclosures website has coming soon properties, many MLS systems do not.

You will make the offer directly on the VRM website.

Here are some best practices for you to keep in mind when submitting your offer using our platform :

1. Ensure that you are licensed in the state that you are making an offer for. Offers are only accepted by VRMProperties.com if you are an agent licensed in the state for which the offer is being made.
2. Provide your full Agent and Broker licenses when submitting an offer. If this is missing, this will delay your offer from being properly submitted and your offer will not be reviewed.
3. Provide complete and accurate information such as Full buyer names, e-mails, etc. If any information is missing or partially provided, this will delay the offer process and your offer will not be reviewed. 
4. Contact the Listing Agent if you have any offer related questions. They have access to VRM's offer management system and can provide you the current status of your submitted offer.
5. Contact VRMProperties.com at our contact form if you have any technical related questions or issues with your offer or the website.
6. If your offer is accepted, you will find your offer in your Offer Dashboard under the "ACCEPTED" filter and your offer status will be "Under Contract". Once the sale has completed, it will say "SOLD".
7. If the offer is declined, you will find your offer in your Offer Dashboard under the "ARCHIVED" filter.

https://www.hudhomestore.gov/Home/Index.aspx

FHA foreclosures ru through the HUD homestore. This website is very archaic.  It may be the least user friendly website out there with a consumer interface.  Things to know.

You must be registered.

Your brokerage must be registered and have a NAID which you need to link to once you have registered.

Search bid results is a great function

You can see if a property has an offer, the net amount to go to HUD, and the broker name representing the buyer.

Extended vs. Exclusive.   Owner Occs, non profits, then all bidders (investors)

Once your bid is accepted you will need to expedite paper contracts to HUD.  You have roughly 48 hours to get them in overnight mail.  The signatures need to be ink, not digital.

You really have to be prepared for this, but your preparation can make you a star with your client.