Good day folks
Contrary to popular beleives, Banks for the most parts are very good sports trying to help the people that can’t offord their house. When the mortgage is insured the Bank will try to help the home owners, (Go to interest only for a bit,Tweak the amortizations etc.) Failing success, and after 4 to 6 months, they will assign the file to their repo department. Usually, the Bank will assign the file to one of their mortgage broker and the mortgage brokers re-assign to one of their Realtor refferrer. A Bank repo sale is different then a normal sale. Most time these properties need lots of TLC and the owners can redeem their loan if they find some money. So for sure marketing needs to be handle different.
CMHC contract this task out. 1 or 2 years contract, and mandating co-operation broker to be paid 3%. I have seen Realtors trying to hide the fact that they are selling a Bank repo, offering 2% or lessd to co-operating brokers.This is not how to acheive market value for this type of properties.
My view is that Bank repo must be priced @ rock bottom price and telling potential buyers that it is in fact a Bank repo. Pay the Co-operating broker good money and CONTRACT the job out to Realtors who know how to market Bank Repo.
What do you guys think??????
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