I specialize in REO properties which entails alot of communication with the lender. Can you give me the property address for the property you mentioned and I will find out where they are in the process.
Also, I see that you live in Ipswich. Are you trying to buy a bank owned property only in the town of Newburyport? Or are you open to surrounding towns. I would also need to know what you are preapproved for.
There are several properties available and I would like to help you out. If you can follow up with more information, I will see what I can find for you.
You can contact me on my personal email at email@example.com
Feel free to call my cell at 978-476-1342
Exit Realty Group
44 Merrimac Street
Newburport, MA 01950
Some real estate agents specialize in listing REO properties, but they do not have inside information about properties that they haven't been assigned to. The best advise is to have a knowledgable local Realtor working for you so that when the property comes on the market, you'll be ready to view it and negotiate the best offer. Keep in mind that if you go directly to a listing agent, they are obligated by law to negotiate the best offer for the seller of the home. Whether it is a bank or a homeowner. They do not work for the buyer so make sure your rights are represented.
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,
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.
MA & NH Real Estate Services
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