Hello Tucks, finding a real estate agent to search foreclosures is probably the first step you should take. I have several agents that have been able to find spectacular deals for my customers on bank owned properties in the smyrna and surrounding areas. If you are still in the market and have not been pre-approved yet for financing I would be happy to do that. You will need a pre-approval notice from a reputable financing source prior to submitting an offer.

Thanks,

Jeff Hutchison
Senior Loan Officer
Charter Mortgage Network, internet division of
Pan American Mortgage, LLC
wholly owned subsidiary of Pan American Bank

Hi,

Banks list properties with agents and do not deal with the public at large when selling properties. There are bank owned properties which have not yet made it into the MLS; many bank owned properties will eventually show up in MLS.

You can search many bank sites for their bank owned assets and REOs. You will usually find the contact information for the bank’s representative. It is usually recommended to have your own buyer agent to represent your interest. The fees the bank has already allocated for the sale include payment of fees for your buyer agent. If you execute a contract with the bank’s representative, he/she will keep the entire fee paid by the bank. Why not have your own representative?

To locate possible properties, ask a Realtor to check the MLS. Additionally, you can monitor the websites of major lenders and watch their new inventory of bank owned properties.

Once a property becomes an asset of the bank, the bank will hire an asset manager to inspect and take care of the property. The bank will contact the Realtor in that area who represents the bank. It generally takes a few weeks before the property actually hit’s the market. The Realtor must submit paperwork to the bank, determine pricing, and ready the property for market showings.

We receive regular updates of REO properties that will be soon coming to market. Find yourself a buyer agent who can search the MLS, has a few ins to locate properties coming to market, and monitor bank websites on your own. Meanwhile, do not discount properties that are not bank owned. There are motivated sellers out there willing to deal and negotiate. Find the best property at the best price that meets your needs.

Good luck.
Deborah Madey - Broker
Peninsula Realty Group - New Jersey

There are several consumer sites available to assist you in your search for a bank-owned property. You can search these sites on your own, but it will be necessary to submit a bid through a real estate agent.

Check http://www.bidselect.com, http://www.hudpemco.com to start. And of couse, real estate agents have even more information on the properties that remain on your list and can provide insights into the best way to go about making an offer. For instance, you don't want to offer the list price because the property may not appraise.

There's even more information to share on the process, so please call when time permits at (678) 775-2677.

Tucks,

A Realtor can give you any of the information you need. It is free to you and will not increase the cost of the home if you use a Realtor to help you buy. A Realtor can help you negotiate a good deal from the bank and support you through the entire process.

Call if you have any questions,
Conan
770-652-2133