Home Buying in 08873>Question Details

Eve, Both Buyer and Seller in 08723

Best way to find agent with specific skills/expertise?

Asked by Eve, 08723 Sat Feb 14, 2009

How do I find an agent who is skilled at working with foreclosures and pre-forclosures? I find most agents work off MLS and don't actively look for pre-forclosure properties at good prices for their clients. Any thoughts? I'm looking in the 08540 (princeton) and 08873 (somerset) areas.

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Your findings are justified regarding MLS agents.

Linda Shroeck, 732.470.5602 is an upstanding foreclosure agent who began working pre-foreclosures and REOs way before this recent downturn . . . so she knows her stuff. Don't believe she covers the areas you mentioned, but I am sure she would be happy to tell you who might be able to help you.

Feel free to mention that I sent you -I will not be asking her for a "referral fee" for handing you her phone number as these agents work their tails off for minimal commisions. Their comissions are much deserved.

Good Luck!

Francesca Patrizio, Realtor Associate
Realmart Realty
Web Reference: http://www.PatrizioRE.com
0 votes Thank Flag Link Tue Feb 17, 2009
Eve, most foreclosures are listed in the MLS as the banks and corporations that now own these properties are interested in maximum exposure in order to sell the properties. However, I come from an agency that has both experience with foreclosures as well as residential resale properties. This has opened the opportunity up for me to become knowledgeable in both types of transactions as well. Each transaction will vary just like in privately owned properties for sale, so finding an agent with experience in both is helpful.

Ideally, referrals will definitley be your best option in choosing who you feel comfortable working with. What you must understand is that with foreclosures/pre-foreclosures, you are buying them "as is" with little wiggle room for negotiations on repairs. Also, "most" foreclosures are priced based on the "broker's price opinion" (completed by real estate agents comparing similar properties and adjusting the value based on condition)- what this means for you is that, most banks will list the properties at an adjusted price from "fair market value" because repairs are needed. So it should be a surprise if your "low ball" offer is rejected - make sure whichever agent you choose to work with pulls comparable homes for you to give you an idea of what "fair market value" would be (after repairs).

Any other questions, don't hesitate to contact me!

Christine Markow
ERA Statewide Realty
0 votes Thank Flag Link Sun Feb 15, 2009
Eve, foreclosures, pre and otherwise are typically listed in the local mls. Often they will comment that the sale is subject to lender approval and may also say that even the broker's fees must be acceptable to the lender. As you have commented many if not most agents arent big fans of working for an unknown fee. I suggest you locate an agent who is competant and you find trustworthy. Sign a buyer broker agreement which will assure them they will be compensated where ever they find a house you deem acceptable. You may have to make up any difference between your offered compensation and what is offered by seller but at least you know they will be looking every where for you. My word of caution though is that these sales are not always such great deals. I have seen better deals where the seller is actually a relocation company looking to cut their losses. Feel free to contact me with questions, I am a life long 08540 resident.

Kenneth "Ken" Verbeyst CRS GRI ABR SRES GREEN
Prudential Fox and Roach
0 votes Thank Flag Link Sat Feb 14, 2009

You are in a perfect forum to begin the process....collect the Trulia contact information and begin your selection process. There are some great options right here....

Good luck
0 votes Thank Flag Link Sat Feb 14, 2009
Contact several area brokers. Find out if they have someone in their office that has handled short sales and foreclosure sales. Then speak directly to the agent the broker recommends, ask for the names people the agent has worked with for purchase or sale of foreclosures and short sales.

Just like hiring any professional, speak to them, ask questions and get references. Buying a foreclosure or short sale is often a long process, so find someone you're comfortable with...don't settle.

Good Luck!

Laura Giannotta
Keller Williams Atlantic Shore
0 votes Thank Flag Link Sat Feb 14, 2009
This answer can go two ways.. One, go to a company that has a REO depart as stated below. Yes, you can do that, But I have found that agents that are strictly working with REO peoperties are usually overwhelmed and although informed on the transactions, The level of attention is low.

Two, find a good agent that has done Bank Owned / Foreclosure properties. You are right to a point, we all work of the MLS and we can find REO properties.

Send me an email and I can direct you an agent that is active in these properties.
0 votes Thank Flag Link Sat Feb 14, 2009
Hi Eve,
I believe the best way to find an agent skilled at working with foreclosures and pre-foreclosures is through referral. I would be happy to connect you with a local REALTOR in the Somerset area familiar with pre-foreclosed and forclosed properties and the skillset you are looking for. ( Honestly, I wish it were me, but I'm not there yet.)

Feel free to email me with your specific requirements and contact information. I will gladly arrange an introduction. Email: mjadams@century21.com

Best of luck to you.
0 votes Thank Flag Link Sat Feb 14, 2009
Look for a company who has an REO division. We have one and I would be happy to direct you to one of my REO agents.

David M Sweeney
Broker of Record
Keller Williams Cornerstone Realty
0 votes Thank Flag Link Sat Feb 14, 2009
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