How do you handle all these REO requests?
Little bit on content behind this question.
I'm heavily advertising on Zillow in the cheaper priced areas (I'm really looking at my advertising stragery this quarter) and I get a heavy amount of leads from buyers always inquiring about the latest REO/Foreclosure/HUD that has his the market.
When I follow up with them and start asking the pre-qualifiction questions; are they pre-approved, are they a cash buyer, if so how much is their budget? have they ever fixed up a property.
They start to filter themselves out quickly but some still push, "I want to see this house, I have the cash to buy it"
Yet they don't take into consideration the repair costs they would need to put into the property.
To my realtors out there, I ask you how do you go about telling a buyer you feel should not look be pursuing this path? Due to lack of financing or knowledge of what they are getting themselves into? Or the property is a dump and I don't want my reputation harmed?