Question Details

Lynn, Home Buyer in 60561

Can I have my real estate agent contact a bank to buy a foreclosed home, before it becomes listed?

Asked by Lynn, 60561 Thu Apr 26, 2012

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Hi Lynn,

Since banks are not in the real estate business but in the lending and financial solutions business, a Realtor will not be able to negotiate directly with the bank on your behalf regarding a foreclosed home that has not yet been listed for sale.

Here is what a good agent will do for you. Begin the market analysis to provide you with an opinion of market value so that you are ready to present an offer immediately when the home is listed. The two of you can discuss all of the terms you will want in the purchase contract so that the offer can be prepared quickly with only a few updates needed based on any possible requirements that will be ultimately published with the listing.
0 votes Thank Flag Link Thu Apr 26, 2012
The bank turns over their homes to a real estate agent to list. They don't have a mechanism to sell directly to consumers or via a buyers agent. You will have to wait for the listing to be assigned to an agent.

Often when the property is assigned to an agent, they will put a business card or sign in the window of the home (as an emergency contact) prior to listing. If you see such a sign, alert your agent as to the name on the sign and they can call the agent and request the selling agent call them when the property is going to be listed.

In some MLS systems a buyers agent can also set up an auto search for a specific address. Any listing or changes to the listing will trigger an email to the agent and/or their client. So you will find out within a matter of hours when a listing goes live on MLS.
2 votes Thank Flag Link Thu Apr 26, 2012
Unfortunately the answer is no, as the agent will not have a clue as to who they should speak to.
0 votes Thank Flag Link Fri Apr 27, 2012
Sorry, no, banks will not talk to realtors or individual buyers before they list the home with their own realtor. You could try but, trust me, it would be a monumental waste of time.
0 votes Thank Flag Link Fri Apr 27, 2012
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