Will you be ready to help buyers re-entering the market?
06/02/2015 | Author: Editorial Staff
From 2006 to 2014, 426,000 homes in Texas were foreclosed upon, short sales, or deeds-in-lieu of foreclosure. Research from NAR shows that many of these buyers have begun, and will continue, to re-enter the market to purchase another property. In fact, Texas is projected to have 74,000 return buyers from 2014 to 2023, according to NAR.
Many foreclosed homeowners face obstacles others don’t, so you should be prepared. Here are a few tips to gain and help these clients.
- Find out why they want to own a home again and determine if they have any concerns about re-entering the market. Be prepared to highlight the benefits of homeownership.
- Be aware of programs or mortgage-loan options these types of buyers could be eligible for.
- Advertise your experience working with clients who have weaker credit, or your connections to resources who can help buyers with their special challenges.
Finally, you may also benefit from obtaining the Texas Affordable Housing Specialist (TAHS) certification, a 12-hour program that teaches you how to serve first-time and underserved homebuyers. Courses cover how to educate consumers about responsible homeownership, credit tips, identifying assistance programs, and more.
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