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REO Boom: How to Manage, List, and Cash in on Bank-Owned Properties: An Insiders' Guide for Real Estate Agents by Tim Shah, Aram Shah

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Managing Repairs and Inspections

“The time to repair the roof is when the sun is shining.”

JOHN F. KENNEDY

AGENTS TRADITIONALLY HATE doing repairs. It takes more time, more work, and is sometimes truly a headache. Before REOs became so popular, I remember advertising “as-is, cash sale, quick closing.” But then everyone began doing that, so the appeal of the “as-is cash only” sale began to fall through the cracks.

Now, REOs are everywhere, and buyers have a choice. Sometimes there may be more than a dozen listings on a block in the same month. If that’s the case, the listing agents who don’t repair will most likely get the short end of the ...

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