The growing REO market offers opportunity

It's a sad but true fact that many people are losing their homes this year. You feel sorry for those people, but there's nothing you can do about it -- unless you're as rich as Midas and you can bail them all out.

That said, there's no reason not to take advantage of the opportunity it presents to Realtors and a host of other service providers who deal with real estate in some capacity.

First, the real estate agents: If you can become expert at finding out the unknown facts about these homes, you can become a valuable resource for buyers - and you can advertise your expertise. Keep in mind that many agents are too lazy to dig until they learn the things buyers want to know. They're used to sellers providing information, and that just won't happen with REO houses. When you provide the extra service, you'll stand out from the crowd.

Then - the others. Another sad fact is that many repossessed homes are in terrible condition. They're either dirty or damaged or both. Some homeowners, upon realizing that they've lost their homes, go out of their way to leave everything in top condition -- others go out of their way to destroy things. I've even listed repo houses where the kitchen sink had been removed and rocks thrown down the well.

That offers opportunity for a whole host of other professionals. People like:

• Cleaning people
• Plumbers
• Electricians
• Painters
• Landscapers
• Carpenters
• and sometimes, even well drillers and septic installers.

The company listing their REO's may not be willing to pay for repairs, but often the new purchasers will want help with some or all of the cleaning and repairs.

If you're a Realtor, begin compiling a list of competent service professionals. If you're one of those professionals, make up a little brochure outlining your services and give copies to all the real estate people in your vicinity.

You'll be helping the new purchasers and helping yourself at the same time.

Until next time, I wish you success.

Marte