Hi Yuki: I am not a real estate pro but I do buy and sell real estate. And yes, I do buy foreclosures. I'll start by answering your last question first. I don't know of a single bank that will deal individually with a prospective buyer. There are so many foreclosed properties, they would be swamped trying to deal with each interested buyer. When I first started buying foreclosures last year, I tried calling several banks and each time I was rebuffed; in fact, I was told that they would not respond to phone calls, emails or any attempts to reach their foreclosure specialists. I was further told that I should go through the listing agency. I can see why they would do that, but unless you've tried it yourself, you wouldn't know that. I would suggest that you find the real estate agency that handles most of the foreclosures in the area you are interested in as they have immediate contact with the selling bank; then I would select an agent who specializes in foreclosures in that agency as he/she would get the most current listing changes and time is important when dealing with great prices. If you work with a regular real estate agency, you will encounter delays that are unavoidable; however, by working with the agency that lists the property, you will be getting any replies, changes, counter offers, etc almost immediately. As far as your offer, the foreclosure specialist will have a feel for offers that might be accepted because they list most of the foreclosures. Before making your offer, I would check the County Assessor's office for the assessed price, Zillow for an estimated market price, the last sale price (the foreclosure amount), the length of time it has been on the market and then make your offer accordingly. You might have to make a full price offer (I did) or discount your offer 20 - 25%. Your agent, if you use a foreclosure specialist, can guide you accordingly. I would not use a generalist real estate agent because short sales and foreclosures are unique properties and I feel your chance of success will increase by dealing with someone who focuses on the type of property you are looking for. Again, go with the agency that has the listing; and then with an agent in that agency who focuses on foreclosures. Good Luck.

Sat May 10 2008, 19:52

Hello Yuki,

The best approach is to make sure you have your own representation and retain a BUYER'S Agent and have an Buyer-Broker Agreement. Once you have representation, your REALTOR will handle all the negotiations with the bank/owner of the property. How low you can go will depend on many factors:

1) The price of the most recent sales in the immediate area
2) The condition of the property
3) The location and the length of time it's been for sale

I specialize in foreclosures and work with my buyers as their Buyer's Agent; I advise my clients of the risks of purchasing an AS-IS bank owned property and I ALWAYS recommend that they have a Home Warranty.

I'll be more than happy to answer any other questions you have and to meet with you. Please reach me at 310-890-3271 or visit my websitehttp:// www.maggiehomefinder.com

Best regards,
Maggie Mouscardy
REALTOR

Sat May 10 2008, 19:30

My first advice would be to find a good Realtor. All the questions you asked will be handled by them. I would research the area sales around the home you like to come up with a good offer price. Typically, the bank has an agent listing the home that the offer would be presented to.

I would love to offer my services to you. It's tough getting a response on a foreclosure without a professional on your side representing you. Feel free to call me anytime at 310-350-4280.

Jimmy Hutchinson
Atmosphere Realty
Broker/Realtor

Sat May 10 2008, 19:20