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Gerard asked:
We’re looking for our 1st home and are interested in foreclosure/REO’s. We heard some agents have better access to this infornmation than others. Are there special foreclosure listing agents who can get better deals? Or do all agents have the same information?
We’re looking for our 1st home and are interested in foreclosure/REO’s. We heard some agents have better access to this infornmation than others. Are there special foreclosure listing agents who can get better deals? Or do all agents have the same information?
Tags: Foreclosure Listing, Foreclosures
September 1st, 2008 |
Tags: Foreclosure Listing, Foreclosures
September 3rd, 2008 at 4:16 pm
Speaking about foreclosures and loans in general, besides certain regions, it is necessary to know the reasons of foreclosure changing. Rather good information about foreclosures I found on the forums of Fizber:
September 5th, 2008 at 11:22 pm
Usually the same information, but the difference is how we present them to you. Again, you can contact me. click my picture and email me.
September 7th, 2008 at 9:17 am
99% of all foreclosures are listed with agents. All agent that belong to the MLS have the same access as everyone else.
If you can find a real estate agent that happens to be a listing agent for REO homes, you may get a bit of a head’s up on listings that may come available, but you put yourself into a situation where your agent will have to be a dual agent (if allowed in their state or by their broker) representing the bank AND you.
There are tons of REO’s and it’s not secret squirrel info anymore like it used to be. There are tons of lenders that list their REO properties on their website WITH the contact information for their listing agent. OCWEN, HomeSteps, FannieMae, HUD, USDA, etc.
You also may have to look at quite a few to find one that is financable. Many have been vandalized or are in too poor of repair for a bank to loan money on. The banks that foreclosed on them also WILL NOT perform or agree to any repairs. You will asked to sign a waiver/disclosure that you will not be provided a property disclosure statement and also that you understand you are buying the home “as is”.
Banks are also notorious for taking anywhere from 1 week to months on accepting/counter offering on these homes. Some REO departments are staffed by a single person that may be juggling 200 files.