Work with a good buyers agent when shopping foreclosures.
1. Once "you" find a foreclosure it may already be gone! Many banks won't allow an agent to list a home under contract until it's closed just in case the deal falls through. So many of the homes people find are actually already taken.
2. Get your financing in order now!
3. Not all foreclosures are great deals! An agent will check comps. and find you the best deal in the area.
4. The best foreclosure deals always go fast! 1-5 days tops! Working with a well connected agent will get you in one of these properties.
I can assist you in all these areas! Give me a call when you are ready!
ERA Sunrise Realty
While you don't necessisarily need an agent to find a home, you do to go through the process. Interview and be very thorough researching agents - you rely on performance levels and credentials - NOT BS nonsense.
Expect the process to be difficult, miserable and possibly fruitless as deals often fall apart. Expect to find problems AFTER you get in there, I see many homes that have been brutalized by owners as they leave. I appraise and sell this things and have been doing so for about 20 years - it's not all beer and skittles! I posted a blog on this very thing - http://www.trulia.com/blog/hank_miller_-_associate_broker/20
Good hunting - keep your eyes wide open
Our recommendation is to find an agent that will support your specific needs. Many foreclosure buyers elect not to work with the listing agent because of a variety of concerns. You should be the best judge if dual agency will work for you.
Another difference in buying a foreclosure is that the bank usually takes much longer to get anything back in writing but their verbal acceptance is usually a guarantee that you will get confirmed within a few days..of course depending on which bank and how backed up they are with foreclusres and all the paperwork. Also, you can run into some title issues towards the end if the bank has not done their homework with clearing up title before the property gets listed.
As far as "not having an agent because your offer will be better to the bank" is not anything i have ever dealt with. I have sold countless foreclosures and every foreclosure listing agent I deal with is too busy with all of their foreclosure listings to work the other side with a buyer. The ones I have worked with encourage unrepresented buyers to get a buyers agent.
And yes you need to have financing in place because most banks that I have dealt with give you a very short due diligence period to secure financing and if you go past this time period then you lose your earnest money.
The home buying process for purchasing a foreclosure is very much the same as buying any property. The particular bank involved with the forclosure might request some additional forms and information. Your priority right now would be to find a realtor that you feel comfortable with and start the process. As a buyers agent my commission is totally paid by the seller. To lear more about me go to my website http://www.rickpaynssold.com. Especially, review " About Me" and the other information on my website. This will give you a better understanding about me and my background , skill level and passion for the real estate business. I'm confident that I am the agent to find you that perfect home.
My contact information is 678-427-5512 (cell) and email@example.com (email).
I look forward to hear from you in the very near future.
Keller Williams Realty
I am a Realtor who specializes in Foreclosures for Buyer's. I can work with you on contract negotiations and financing. You can read my prior posts to get more information. You definitely have to have an agent to work on your behalf and you MUST have your financing in place prior to making an offer. Banks are going to require a pre-qualification/pre-approval letter to be submitted with your offer.
Please let me know how I can assist you...I would be happy to help you in your foreclosure finding process!!
Lisa Allen, REALTOR
Prudential Georgia Realty
You can find out the purchase/bid process for each Bank or Gov. agency by looking at the sites they created to explain it to the public.....http://www.biggerpockets.com/bank-reo.html
You will find a lot of info on these sites..
Good luck, Dunes
Are you working with an agent? It doesn't cost you anything and it would be a good idea.. you wouldn't be having questions like this. As far as your question, it will be required by most banks when presenting an offer to have a at least a loan pre-qualification letter from a lender. Most foreclosures once priced right sell fast and usually have multiple offers if they are a real bargain.. therefore, you should have your financing in order prior to making an offer. It will tell your agent and the seller what you are qualified to buy and make your offer than much stronger than if you didn't have financing ready. I hope that helps. If you need assistance in making offers on foreclosures, I'd love to help. It's one of my specialties. I actually list properties for a bank and am very familiar with purchasing foreclosure properties. Give me a call today if you want to take advantage of my expertise.
David Brower, Assistant Manager/Realtor