I believe the easiest way is to call the loss mitigation department of your local banks and ask them for the names of the agents that they use to sell their REOs. Ask them for the names of those agents who closed on their last 5 properties and if you see common faces, contact them. Another way of finding such agents is to contact the managing broker of top Real Estate Cos (Prudential Palms, RE/MAX, Coldwell Banker, Michael Saunders, Wagner Realty, Keller Williams,...) and ask them for the names of their agents who deal with REOs. Another great source of leads for Realtors who specialize in REOs are Real Estate Attorneys. I can give you a few names if you want to. Just contact me through my website. As mentioned in some of the other answers, many people stay clear of REOs because of the time factor. It can take up to six months for a bank to make a deal and many buyers and Realtors do not want to get locked in for that long. And many of us are convinced that some of the best deals out there are not necessarily REOs. Good luck with your search.
Hoping this help.
Most of properties in the MLS listed and bank owned are around the same price. The bank will not sale lower from what its worth at the time, some times they want even more, itâ€™s business to them.
- When the real estate market goes down, so the bank prices, and if goes up, the bank also market it higher.
The market value moves with the inventory been large or small.
So bank owned or not the price I believe you are looking for is below market price, so it is easy one.
Get one agent to do the search for you.
They can analyze the market and give you the list of property sold bellow price.
You can use our website to search for a lot of listed properties, no need of singing up for this service.
Hope It helps!
Here's a word of caution. All though the "Buzz" in real estate currently is all about "Short Salea" and "Foreclosures" this hype can be very misleading.
Yes, there are deals to be had but possibly the best opportunities rest in the homes owned by truly motivated sellers who purchased their property prior to 1993. Generally, these individuals were able to buy at a lower price and therefore can afford to sell lower. These transactions are smoother and do not involve banking "red tape."
It has been our recent experience, that this is the source of some of the best deals.
Our recommendation is, "Don't put all of your eggs in one basket." Find an agent that is well versed in all markets and can focus on finding you the best home, in the right location, at the right price. Smart buyers are thinking beyond the media hype.
Check out our website for one of Osprey's best opportunities. We would be happy to provide you with specifice of the Sarasota/Osprey market at your request.
The "Eckler Team"
Century 21 Almar & Associates
Venice, FL 34285
If you feel that you must work with a "specialist", you should be able to find one by looking at online listings for the Sarasota/Osprey area. Bank-owned properties are often clearly identified as such, so you should be able to find a listing agent who obviously works that market. If you can determine that an agent has multiple listings of bank-owned properties, I guess that you could conclude that he or she is a specialist in this type of listing.
Keep in mind that bank-owned properties are not necessarily the best deals in the market today. There are plenty of other motivated sellers, and it would be a mistake to focus only on bank-owned properties. I think that if you choose to work with an experienced Realtor who has a diversified business rather than a niche in the REO market, you will get a better understanding of where the best buys are in the Sarasota/Osprey area.
I list and sell anywhere in Sarasota and Manatee counties, but the majority of my business is in south Sarasota, including Palmer Ranch and Osprey. I would be happy to assist you with your search for homes in this area. Please feel free to email me with questions, or give me a call so that we can discuss your interests.
Coldwell Banker Residential Real Estate
423 St. Armands Circle
Sarasota, FL 34236
Roxanne Moore, RealtorÂ®, 941-626-3926
Shannon Moore, RealtorÂ®, 941-276-8142
Re/Max Anchor Realty