The number one issue that you have to take into consideration is that the banks enlist Real Estate Agents to represent them. Now if a bank feels it's necessary to have representation then I would consider it a need for you also.

Thu Jun 26 2008, 12:54

REO, shortsales, and pre-foreclosures are not an easy venture. I would most definitely suggest finding an agent that has experience dealing with your particular purchase. There are a lot of balls in the air and it is a full time job. it can be a pain to get answers from financial institutions. Be sure, be patient (if the property is a good buy it will be worth it) , and your agent will show you comparable sales info and they are paid by the bank. you get a full time realtor and the bank pays the tab. how can you lose?

Wed Jun 18 2008, 08:06

Sorry, I forgot the website: http://www.mortgagenewsdaily.com/wiki/REO_Database_List.asp

Mon Jun 16 2008, 09:59

Yes...I buy foreclosures. When I first considered purchasing a REO, I thought about contacting the bank owning the REO directly hoping to cut a better deal since the bank would be saving the 5% commission. I found REO houses I liked and I contacted the County Assessor's office (website or phone) and found who owned the house. I then called the bank. I tried this with about 6 different banks. In every case not one bank would talk to me directly -- in fact, the banks have a recording that says they will NOT respond to phone calls, letters, emails, etc. They refer you to their listing agent. Considering that banks now are processing a million homes in some stage of foreclosure, I can see that their resources would be strained beyond belief if they had to answer every query from a buyer interested in one of their properties. Saying that, I then went to the following website to find which bank owned REO properties for sale -- it gives the address, county, price and listing agent. It is a free website and is pretty current; however, I then contacted an agency that lists most of the houses in the area I was interested in and I asked for a buyer's agent who specialized in foreclosures THIS IS IMPORTANT. Foreclosures are unique and a general real estate agent at another agency, while they may be able to help you, are not in direct contact with the bank and all their offers and queries go thru the listing agency. Thus if you deal with the listing agency, your agent will have the latest info first and any offer you submit will be transmitted immediately to the selling bank. I had lost on previous REO properties because I was dealing with an agency who was not the listing agency and with an agent who was clueless when it came to REOs. When I finally found a foreclosure specialist, I was able to submit my offers with his help and ask for concessions that other agents didn't even know a bank would give. So, you can try it on your own or with a general real estate agent but I think you'll be wasting your time. Instead, find a foreclosure buyer's agent and work with him/her. Good Luck.

Mon Jun 16 2008, 09:56

As stated your question is not complete. Since I'm experienced with REO's I can tell you that they are not as straightforward as a regular transaction may be. You should hire an experienced agent to provide you with professional advice. You can call me anytime toll free if you would like expert real estate service. 1-888-818-0957

Best Regards,

Jeremy S. Hill, Realtor Associate
Keller Williams Realty

Mon Jun 16 2008, 09:34

I have helped numerous people by REOs. It is if you are a baseball player and then you all of a sudden need to become a heart surgeon! Yes, there are many reasons to get your own buyer agent! Most of the time, it does not cost you anything, but if it does, it is worth it!

Mon Jun 16 2008, 08:52

I'm not sure if you finished your question, but you should definately get a buyers agent. REO properties are very hard to aquire and a professional can guide you through the process and inform you of your rights as a consumer.

Mon Jun 16 2008, 08:51