It is never a good idea to contact a bank's representative direct. When you do, you are contacting the â€œSellerâ€™sâ€ Agency. They will fully represent the seller/bank. It is the legal obligation of the real estate company and it's agents to get the highest price and the best terms for their client, the seller (bank). Also, any personal and financial information given by a potential buyer to a seller's agent must by law be told to the seller. If you are shopping around for real estate, its best to work with just one agent, and you should strongly consider working with one who will represent YOUR best interests. Being a buyer agent myself, I can tell you from prior experiences that this bank holds alot of properties with unclear titles in MA, which has caused many delays for clients and sales have fallen apart after the buyer has invested in the transaction. In addition to hiring a Buyer Agent to guide you down this road, you should also have an attorney lined up to review titles for you prior to entering the negotiation process.
Once foreclosed the property is ussually placed with an asset management company. They are the people who hire the Realtors to find out the current value of the property. Once a value is established, they will hire possibly the same Realtor to list the property. It could take a few weeks after foreclosure before you see it on the market.
You should really think of working with a Buyer's Agent when purchasing a home, especially a distressed property (foreclosure, short sale). We work in YOUR best interest, not the bank's.
Keller Williams Realty
Servicing the South Coast & RI
First weber Group
Certified Distressed Property Expert
Quick Note: I know you probably are tired of agents tellng you to work with a buyers agent. There is a reason for this. It is for your own protection.. to help you make the right choices and to protect you. Buyers agents are free ( usually). Great agents aren't just in this business for the quick buck, they sincerely love to help people and have long-sighted goals... i.e. if they treat you right, you will ultimately refer your family and friends.
Call me if you have further questions... no pressure.
Lori Lincoln 509-878-0917
Buyers Agents work in your best interest not the banks and it cost you NOTHING.
If I can assist, please feel free to contact me.
AMS Real Estate