If your concern with working with an agent is the fee's, rest assured! The banks will be the one to cover the real estate agents fee, which can be negotiated to a some degree on non fannie owned mortgages.
Feel free to contact me if you are looking in the DC area or if you would like a qualified referral to an agent in your area of interest.
Joshua Klein cbmove.com/joshua.klein
Coldwell Banker Residential Brokerage
1606 17th NW
Washington DC 20009
Use a little common sense, ignore the advertisements disguised as help.
The banks/Gov maintain up to date current databases for the public to use of their properties for sale.
REO/Foreclosures. On the sites they provide they also give you all the information on the purchase/bid process, selecting an agent(If you need one).....Sites like these.
http://www.tenmanagement.com/listings/state.do?code=WI ....... http://www.citimortgage.com/Mortgage/Oreo/PropertyListing.do .... http://reosearch.fanniemae.com/reosearch/
You will find the links to the Bank/Gov sites here..... Check them out before making any decisions.
Each of these sites will explain the process and give you information you will need to know in order to choose an agent wisely if you need one.
Remember agents are part of the service industry... They provide services which you hire them to preform. You must as a consumer inform yourself before ever selecting an agent so you know which services you require and what value you place on them. There are good agents and the rest. Make sure you know the difference before you waste one second or one penny on "the rest" Remember all commission/fees are negotiable.
These also has a lot of tools ect. to help you in becoming informed ... http://www.hud.gov/buying/index.cfm ..... http://mortgage-x.com/general/rate_trend.asp ....
The process is not that difficult, it is time-consuming, it involves being honest about your options and is bound for failure if you allow yourself to follow self-serving advice or do not buy what you can afford which is not necessarily what you will be told you can borrow. Be a Buyer, TAKE CHARGE OF YOUR FINANCIAL DECISIONS. The salesperson will always tell you it's a good time to buy. if you can become informed you'll be able to tell who's selling what to who. Contact an agent is not the answer to every question
Bring your shovel and read thru the Q&A, if you look enough you will find some information but you are going to have to dig.
As the rest of your answers state there are definatly things to "know" about buying forclosures. Timelines or lack thereof is probably the largest. A knowledgeable agent can help you with this process. Again, at no cost to you.
I look forward to hearing from you and will send you the contact info ASAP.
Thanks and Good Luck and remember it does not have to always be a "foreclosure" to be a great deal. There are a ton of great deals out there right now1
Email : firstname.lastname@example.org
Also, the process of buying a bank owned property is significantly more complicated than buying a home through a traditional sale. I would really suggest that you at least speak with a good realtor about the process. This could help you to decide whether you are actually up for the time investment, not just the financial one.
Below the referenced post will help you begin to understand what you will find as you enter the market a buyer today.