On the slde of the seller it can be a lot of paperwork and very time consuming. I try to avoid them like the plague and fortuneately I do not need them to make $$. I cannot stand dealing with these A-hole banks that act like they are doing all of us a favor. The Feds should have shut them all down!
The agents business model must be compatible with the clientele with whom they are working. For instance, if the buyer is shopping above their price point or rely on 'paper hangers' luck, this is a formula for wasting time, energy and resources. Getting caught in this trap is the agents fault.
As another example, many successful short sale specialists will have a buyer for a home before the listing paperwork is signed. There is real benefit in working with a PRO who has a strategy when a buyer decides to enter this 'Wild, Wild, West of Real Estate."
Whether you are dealing with REOs, short sales, or low cap real estate, the business model and ones adherence to it, will determine if the effort is worth the time.
Too often excessive idle bandwidth has agents chasing BPOs and short sales, all simply to fill voids but lacking a real strategy. Some entering this arena will make a killing, others will get.....well, you know what I mean.
Best of success,
Annette Lawrence, Broker/Associate
Remax Realtec Group
First Look: http://youtu.be/PumYpkgybXE