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Buying a Foreclosed Home for Sale Profitable for Agent

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By : John Cutts    99 or more times read
Buying a foreclosed home for sale has been challenging but profitable for an agent in Maryland, who have decided to specialize as a buyer’s agent to get the full trust of buyers she represents.

People considering a career in the real estate sector can learn from her experiences, principles and decision-making strategies.

Urbana-based Mary Richeimer launched her company, The Buyer’s Best Realtors, as a buyers-only enterprise because she believes that representing the two sides of transactions sets off conflicts of interest. She added that her firm is the only buyers-only realtor in her region.

Richeimer has been buying properties for clients for nearly 20 years and has overcome various challenges in the real estate market. She said that she entered the industry after losing her job as a seller of laboratory equipment. She was helped by her neighbor who was a realtor, and after seven years, after her neighbor shifted to the traditional buying-selling system, she formed her buyers-only company.

When examining a foreclosed home for sale or a non-distressed pre-owned house, Richeimer said that she always looks at the property from the point of view of the buyer. She checks further if there are stains on the ceiling and gathers more information especially if she is dealing with people flipping houses. She added that she guides buyers through the home buying and ownership process, especially those who are buying their homes for the first time.

Richeimer had her record sales in 2008 and expects to increase her sales this year. She has two sales assistants, an office manager and she plans to hire another assistant soon.

In related reports, buyer’s agents are advising their clients to have some reserves, in addition to their down payments and closing costs. Agents said that buyers should have at least 6 months of loan payments left in their bank accounts after paying the closing costs.

Buyers are also advised to have at least one percent of the home purchase price for surprise expenses such as needed repairs and improvements, especially when they are buying distressed properties like VA foreclosures. It is now difficult to take home-equity loans for home improvements.

Prospective home buyers also need to participate in the home inspection so that they can ask questions and know the real conditions of the property.

To acquire a good foreclosed home for sale, prospective buyers can hire real estate agents like Richeimer who represents only buyers.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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