Any agent who chose this tiny portion of the market will be out of the business in very few months.
Any professional agent can deal with any for sale property. The specialization you refer to does not exist.
If you find a person claiming this expertise you are dealing with a charlatan.
Hire a profesional Agent and be guided by their advice.
Note: be aware that not all Real Estate Agents are Realtors. There is a significant difference.
Most active professional realtors sell foreclosed properties at this point.
Here is a link to foreclosures:
Here are some steps for to buying a home that is foreclosed (although I specialize in listings that are not foreclosures in good school neighborhoods, I help my clients buy foreclosures upon demand):
*Get friendly with a contractor and before making an offer, have the contractor give you estimates on the repairs. Banks mostly require "AS IS" and once you've gotten into contract and conducted an inspection, banks are not easy to negotiate price regardless of your findings. So a good relationship with a contractor works great for offers on foreclosed properties.
*Get there fast. Get your offer in to the listing agent in a timely way. Understand that the listing agent may or may not ever communicate with your agent, if your offer isn't as good as the other offers. That's the way the chips fall.
*Get your complete documentation of bank records and FICO score in a PDF format your agent can submit with your offer. If you have a regular w-2, submit your proof of funds to close escrow; your FICO score; your loan approval with a major bank; and a copy of your paycheck. This caliber of disclosure will make your offer easier to review. Some listing agents have a checklist, and don't submit all your paper, they just tell the seller (the bank) that they have received it all from you.
I hope this helps!
Erica Glessing Nelson
Editor & co-Publisher "Sell Your House Fast for the Right Price" slated for July 2012 release http://www.HomesforSaleinSanJose.net
It's a free database of REO brokers, agents, and vendors. I've run it for 10 years and it covers 99% of the United States population. Everyone is pre-screened and there is a mileage next to all the agent's names so you can see how far away they are from the zip code. Hope that helps!
Actually, as many have already stated, any active agent will have experience in REOs. We can't avoid it. I've helped many buyers buy REO properties. However, I can't say I ONLY do REOs because I've also helped many buyers get into good neighborhoods with GOOD SCHOOLS.
http://www.Equator.com and http://www.reoprep.com then you can ask or look up their agents in your area. If I am not mistaken reo prep has a buyer program if that is what you are looking for as well.
There are a few agencies around that do specialize in REO's since they are working with a number of banks to get these properties renovated and back on the market to sell quickly. When I've dealt with these agencies each bank has a requirement now that you get pre-qualified through them even though you may already be qualified. It doesnâ€™t mean you have to use the banks just that they want to ensure you are qualified for that particular deal. There may also be other documents that require a sign-off that is not a part of a standard contract. Knowing how to interrupt these documents is important and may need further research.
As others have stated most realtors may have worked on REO sales but there are agents that don't want to take on this type of business. There are a number of certifications that Realtors have gotten to improve their knowledge in this area. To name a few there is SFR (Short Sale & REO Specialist) Residential REO Buyer Specialist, REO Tips for Realtors, CDPE (Certified Distressed Property Expert) just to name a few. Check out a Realtor's bio and see if they are certified should that become criteria for you.
Also remember whether an agent is a listing agent or buyerâ€™s agent, the REOs require further investigation, patience, and due diligence even before a contract is written. Agents may have to obtain information from public records, comparable sales, title searches, and other sources to determine the likelihood a REO transaction will succeed. The REOs sales are not for all agents.
Although the market was flooded with REO's for the past several years due to the market condition, they were around before the meltdown and will continue to be a part of the real estate market. REOs will not go away.
Rather than try and find Realtors who just do REOs, try and find Realtors who are specialized in REOs. There typically are a few agents in each Brokerage who work specifically on these transactions but it's really about finding an agent who you can work well with.
Most agents today have handled both Short Sales and REO it is part of the normal course of business. You should understand the process for REO and Short Sales prior to making an offer. A good agent can explain this to you. I recommend interviewing a couple agents and choose the one who suits you best to work with. We do not sell in your area but know a terrific agent who does. If you want to contact us at our Trulia profile I can give you her details.
Unless you are a bank, it doesn't matter if you are a seller because it would not be applicable to you. REO means Real Estate Owned, where the bank has foreclosed and taken the property back. There are many phases of properties in distressed, from Short Sales, REO, to Foreclosures on the Court Steps.
Something else to understand, is that Short Sales and REO and some other transactions require Buyers and Sellers to sign affidavits that there are no non disclosed earnings (exchange of money out side of what is on the HUD final closing statement). Commissions are negotiable and some agents offer rebates to gain clients. Should you chose such an agent, make sure you understand which properties are not applicable to receiving a rebate.
It is always advisable to have a planning session with the agents, so that you can learn more about how the process works, understand how the agent works, and see if there is a fit between you and the agent.
I raised my sons in Cambrian, in 95118. When you are serious about your real estate options, I invite you to contact me for a no hassle consultation at my office. Where you can have a face to face conversation and learn so much more.
In the mean time, have an amazing day!
Allow me to define your needs and evaluate your financing approval. From there we will contact one of several lenders whom hold large bank asset accounts. in other words we will go directly to the lending institution. We currently have relationships with several large lenders. Contact my office directly for assistance at 408-497-6528 or 408-867-9300.
You see the Realtors who handle bank REO like myself have the ability to align your interests with the appropriate property.
The Conley Real Estate Group
Intero Real Estate Services