Hi Matt- I know one of these specialty realtors that might be able to help you as well.
I understand you are preapproved, and that is good. But keep in mind that many of these REO's are not habitable and you will have to get a FHA 203k mortgage. Make sure you work with someone that knows about these special mortgages and can offer and do them.
If you need more help with any of that financing, please let me know. I can also pass along my realtor info to you. He does listing for a local asset manager and gets the listings early on. Thanks and good luck,

Ken L.

If you are thinking of buying a foreclosure or short sale property find a buyers agent with the CLMS (certified losss mitigation specialist) designation and ABR or CBR ( both buyer agent designations) and one who knows the local market. There are very specific protocol to be follow to even get your offer seen and one missing piece of paper can put you unknowimgly out of the running.

Hi Matt
Were you able to attend the auction? If the reserve price is not met, the property is generally bought back by the bank. Yes, there are agents who specialize in REO properties--the banks have a list of agents who are ready, willing and able to attend to the specific needs of listing REO property.

If you were asking if there are Buyer's Agents who specialize in fbank-owned listings, yes. In this type of market where a high percentage of available homes are REO, many agents are well versed in what it takes to get the transaction closed.

The benefit of using a qualified Buyer's Agent is, in my opinion even more important when buying a bank-owned property, and especially for the first time buyer. The listing agent's job is to sell the property at the very best terms and conditions for the seller. Since the Seller has already agreed to pay the listing broker a certain fee that does not decrease if the Buyer comes in unrepresented.

Buying a REO is not for the faint of heart. There can be delays that become very frustrating as time goes by (but not nearly as many as in a short sale!) Your buyers agent will monitor all phases of the transaction from drafting the offer (which becomes a moot point because the bank addendum supersede the Offer to Purchase/Purchase and Sale contracts), through inspections and contingencies, bank commitment,. Everything that you tell them stays confidential and is not shared with the Seller.

It sounds like overall, you are very well prepared t move forward. If you have questions on the buying process, you are welcome to contact me at your convenience.

Valerie Cloutier
MA & NH Real Estate Services
Accredited Buyer Representative
e-PRO Certified 2008

603-965-5197 Cell
800-746-8448 x424 Toll Free
603-425-1193 Fax