Foreclosure in 15243>Question Details

Tia, Home Buyer in 15243

can i call any agency to show me foreclosed homes or is there a certain agency i have to deal with?

Asked by Tia, 15243 Sat Sep 11, 2010

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Tia,

In the Pittsburgh area, all the foreclosed homes can be shown by any agent who is a member of the multi-list (which is pretty much every agent). You'll want to pick an agent who is familiar not just with foreclosures, but also other "distressed" properties which might also be selling well below market value, but aren't owned by a bank like foreclosures. Typically, the agents who do most of the listings of foreclosures don't work as buyer's agents. They will work with someone else who shows their listings and understands what it takes to make a successful REO (Real Estate Owned) offer and knows how to get the contract closed.

You definitely want to work with someone who is YOUR agent, that is, someone who has a fiduciary responsibility to you in the transaction.

I see you are in the 15243 zip code, I also live in 15243, and my office is right on Cochran Road. However when it comes to showing properties I've sold homes in most of Allegheny County. Last year I represented 12 clients as a Buyer's Agent in foreclosure deals. (Actually I represented a few more, but not all of them were the high bidder). If you'd like to get together and discuss the process, what it takes to make a successful bid on a foreclosure, and get some information on foreclosures in areas you are interested, I'd be happy to meet with you.

The best place to reach me is my cell, 412-334-5704.
0 votes Thank Flag Link Sun Sep 12, 2010
You have to right to have your own representation when you purchase a home. You don't have to deal with a particular agent. Trulia is a great place to find a realtor in your area.

Best of luck to you!
Web Reference: http://www.DesariJabbar.com
0 votes Thank Flag Link Sun Sep 12, 2010
Any agency can assist you - though Doug's suggestion of seeking out an agent with specific experience with distressed sales makes good sense. Foreclosures - ie, bank owned - are far easier than short sales. You have a good shot of closing in a reasonable timeframe, while with short sales, it is anyone's guess how long the process will take.

Good luck to you,
Jeanne Feenick
Unwavering Commitment to Service
Web Reference: http://www.feenick.com
0 votes Thank Flag Link Sun Sep 12, 2010
Hi Tia, you can call any agent because they all have access to properties listed in the local MLS. But, you might want to consider working with an agent experienced specifically with REO's. A lot of times the listing agent is so busy they do not work with buyers. If you have no experience with estimating repairs, or what repairs are actually needed to rent or flip the property, you might look for an agent who has this experience.

I have been working with investors for over 8 years with bank owned/distressed properties and rental properties, that either get flipped, rented, or of course lived in as a primary residence. I also personally work with these properties so I know how complicated these properties can become. Foreclosure sales are not for the faint of heart, as they typically have no utilities on and sold AS-IS. So be careful who you choose to represent you, because if they aren't aware of these issues and know how to deal with them, you could be in for a wild ride.

If you want to see if we would make a good team, feel free to contact me. If not, just be careful who you do choose. The recent downturn in sales have caused some agents who would have never stepped in one of these properties to now claim they are "Foreclosure" specialists. I am not putting anyone down, but rather pointing out that you need to make sure the agent you want to represent you really is and has been working with these properties for years and knows what's involved.
0 votes Thank Flag Link Sun Sep 12, 2010
Tia, In my area (I am in Marin County, Ca) all foreclosed homes are listed by Realtors. Most lenders want the house to be on MLS to get a wide exposure and produce the best offer. If you were looking to buy in my area, you can contact any agency because all agents have an access to the same MLS data. However, not every agent has an experiance to get you the best deal. Make sure to interview few before you make a decision on who do you want to work with. Email me the areas you are interested in buying at, and I may have some recommendations for you.
0 votes Thank Flag Link Sat Sep 11, 2010
Probably in a short while some agents on Trulia from your area will find you! But in the meanwhile, if you look at the bar on the top of the page it says "Find a Pro"! Just search for agents in your zip code on Trulia. Agents who are participating in advice and have listings here, have the experience to work for you benefit. You might also check out some of the mortgage brokers listed on Trulia because you will need a pre-approval letter. Many of the lenders can refer agents to you as well, and visa versa! When you find an agent you're comfortable, it's best to stay with one agent who will be there to explain a lot of the process to you while you're searching for the right home! Good luck! Terry Bell, Realtor, Santa Rosa, CA
0 votes Thank Flag Link Sat Sep 11, 2010
You can use anyone, but it should be someone who is experienced in REO(Real Estate Owned) homes and/or someone who is a registered HUD broker. You can find HUD brokers at http://www.nhmsi.com Otherwise, you could try searching the bank owned/REO sections of some bank websites and see who the agents are that are listing them for sale and try contact them. See who you feel comfortable with and choose one accordingly. At least you will be sure then that you are working with someone who knows what they are doing. REOs are a different type of transaction.
0 votes Thank Flag Link Sat Sep 11, 2010
Tia,

You should associate yourself with a Realtor who has experience with helping buyers of foreclosed homes. There are many Realtors who fit that general description these days. Ask your friends, relatives or co-workers for a recommendation. You can usually get a great referral from someone who is pleased with the service that was provided by their Realtor.
0 votes Thank Flag Link Sat Sep 11, 2010
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