How to Sell Bank Owned Homes
- 1). Become licensed as a real estate broker in your state. Find a real estate broker education program, complete it, and then pass the exam. Prepare yourself with additional study material to maximize your chances of success. In most cases, this process takes less than a month of part time study and test-taking.
- 2). Find a job with an existing real estate brokerage or start your own business. For selling bank owned properties, it's usually easiest to find work with an established brokerage. Banks won't always trust new real estate brokers with offloading their inventory of foreclosed homes. In many cases, banks prefer to sell the homes to the brokers directly so that the brokers can resell them on the open market. That requires significant capital on the part of the broker.
- 3). Sell foreclosed properties on behalf of the bank. Foreclosed properties often sell for far lower amounts than conventional properties. Both sophisticated real estate investors and small households buy foreclosed properties looking for profitable deals. Many of these transactions are performed without mortgages, which speeds the transaction process. While the commissions on such transactions are lower compared to selling new properties, the relative speed of the process can make it a profitable way to get started as a real estate broker.