gingersm1995, Home Buyer in Jefferson City, MO

I'm interested in a foreclosure I see listed. Do realtors steer clear of these transactions? What is the best way to begin inquiry on the property?

Asked by gingersm1995, Jefferson City, MO Wed Aug 29, 2012

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Yes, all previous answers to your questions are true. Some agents are intimidated by the Lender Addendum's that the Buyer will have to sign. Are you looking for an Agent in Jefferson City that is experience with foreclosures? I can help you with that if you need some advice. I have a Foreclosure currently under contract with Wells Fargo. Any Agent you use will need to be experience with the Foreclosure process. If it's a Fannie Mae or Freddie Mac, offers are made online through Home Path. Other Lender's will accept written offers through the listing agent, but don't be fooled. They will have you sign a lengthy Addendum to the MAR Form contract that is usually 16 to 19 pages long. It can be a nerve racking experience if you don't have a realtor that is experienced and reads the fine print. Let me know if I can be of assistance to you or answer any further questions.
Thanks!
0 votes Thank Flag Link Wed Aug 29, 2012
I showed 3 bank owned foreclosures this week to buyer clients. There's plenty of Realtors that work with buyers interested in foreclosures. It can be a little more complicated dealing with a foreclosure, because different banks have different processes and requirements. So, sometimes there are extra hurdles to jump, but it can be well worth it.
0 votes Thank Flag Link Wed Aug 29, 2012
If the property has gone through foreclosure, is in the hands of the lender and has been listed for sale, you should be able to find an agent to help you put in an offer. You will probably want to avoid using the listing agent as they typically work best at selling the home and are not as prepared to represent buyers.

The only reason a Realtor would avoid a foreclosure is if the commission they would earn was so low to not make it worthwhile. In that situation you may want to offer an agent additional commission to make it worth their work.
0 votes Thank Flag Link Wed Aug 29, 2012
Realtors do not deal with a property in foreclosure going to auction. That is because the seller is not going to pay us to sell it and we could not get it to sell in time to prevent the auction, for the most part. Once they are auctioned off the bank puts them up for sale as bank owned property and then we can sell them.
0 votes Thank Flag Link Wed Aug 29, 2012
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