Home Buying in Fremont>Question Details

Pixel, Home Buyer in Fremont, CA

how do you get an agent to help you look at a foreclosed propoerty?

Asked by Pixel, Fremont, CA Tue Jul 22, 2008

I have heard that the agents themselves land up buying it and you don't even get to know. Is that true that the agents have an inside into the system and a good priced propoerty goes away before you know it?

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Welcome to Trulia, good question, I like other busy realtors see GREAT deals daily NO we dont purchase all the good deals on the market. YES at times when we receive a listing as busy realtors with a "pool of clients" we know the right client for the correct property those listing may never hit MLS. Work with a good realtor who knows how to comp property locate homes with equity on your behalf.
http://www.lynn911.com http://www.homes-for-sale-dallas.com
1 vote Thank Flag Link Tue Jul 22, 2008
Hi Pixel, “Buyer & Seller” is right, just ask, there’s plenty to choose from, and there’s another wave at the end of this quarter. Choose a licensed Realtor to ally with and perform the investigation regarding your target area and current market pricing, get pre-approved (FHA is the best way to go these days), and then decide on your timing. Market timing is another reason to choose a Realtor, and no, not every Realtor will advise you to buy right now. I’ve been working with a client since Feb of 2007 waiting for this current market because she wanted to buy an REO when the largest amount of supply would be present. Why did we wait until now? We were waiting for the last highest spike in subprime loan resets to pass, which occurred in May, as shown here: http://docs.Steven-Anthony.com/Resets.pdf I was born and raised in Fremont, so if you are looking for local knowledge coupled with comprehensive experience in all aspects of home building/repair and Real Estate finance, tax and investment I’m available to professionally represent your best interests.

Best Regards,

Steven A. Ornellas, GRI, ABR, e-PRO, CMPS, RE Masters, MBA
REALTOR® / Mortgage Banker-Broker / Certified Mortgage Planning Specialist

Steven Anthony Real Estate & Financial Services
Expect Excellence. Get What You Expect.â„¢
Cell: 510.461.6011
http://www.Steven-Anthony.com SteveO@Steven-Anthony.com
1 vote Thank Flag Link Tue Jul 22, 2008
Before I got into Real Estate I heard the same rumour also!!! Depending on where you live ( State) foreclosures aer handled differently. In New Hampshire, if an agent has the bank listing it then goes into the Multiple Listing System and you can access the MLS system by number and get the info. There are many websites out there that try to charge you for this information, and many times you cant actually get the information from the banks until the bank has chosen an agency to list the property. That is how it works in New Hampshire. I can't tell you how all States work!!You could try REALTOR.com they may have an aea there you can get more information on depending on your residence.Hope this helps a bit.
1 vote Thank Flag Link Tue Jul 22, 2008
Hi Pixel,

There are so many properties on the market that are bank owned. When we pull up listings in any area, it seems like more than 80% are short sale or bank owned (forclosure) properties. So there should be more than enough for buyers to have a huge choice. I do not agree with you that agents are buying them before they come on the market. If they were, the inventory would not be as high.

If you are looking for foreclosure properties and are not currently working with an agent, I would be happy to send you listings of those homes. My office is in Fremont and you can reach me at 510-279-9580

Meena Gujral
Help-U-Sell Achievers Realty
40083 Mission Blvd
Fremont, Ca. 94539
1 vote Thank Flag Link Tue Jul 22, 2008

It's simply not true that all agents are taking all the good deals. We have access to foreclosed homes through the same channels everyone else does. Most banks are currently putting their properties on the MLS. I've represented many buyers in buying foreclosed homes and I'd love to help you as well. When working with a buyer, the buyer's interests come before my own. It’s that simple.

Web Reference: http://www.carlmedford.com
1 vote Thank Flag Link Tue Jul 22, 2008
Many of the foreclosed properties are listed on the Multiple Listing Services. The Banks have a REALTOR list the properties for them. Unfortunantely the banks really don't know much about the properties they are listing. example a Bank in Miami might be selling the proeprty in New Hampshire. Not only do they not know much about the property, they control the process not the REALTORS. They run the show, so when the REALTOR sees the foreclosure listing its the same time the public generally sees it. I personally don't know of any REALTOR purchasing fore-closed properties but then again not all banks list in the multiple Listing service.
I guess the answer to that would be depending on where you live in this country and what the rules are.
0 votes Thank Flag Link Thu Sep 25, 2008
Thank you all for your answers, and I do feel to some extent these might be rumors. But in hot places like Palo Alto where you know that the market will get hotter some day, such practices might be present, and properties are taken away by the insiders. Thoughts aprreciated.
0 votes Thank Flag Link Wed Jul 23, 2008
Good questions Pixel. I agree with the other answers posted here, great advice. I will only add this, just call a local agent (I can recommend one if necessary) and tell them what you are looking for. It may take a few calls but eventually you will find an agent who is perfectly willing to show you the type of property you are interested in. Of course, some well-priced properties sell quickly to agents or other insiders but it is rare, especially in today's market because many of the agents and insiders are already overstretched and have little money for further acquisitions. In a booming market, the type of transaction you describe may be more common.
0 votes Thank Flag Link Tue Jul 22, 2008
Hi Pixel,
Although I'm on the east coast, I can set you up with a colleague. Call or email me with your contact info. and I'll have someone get in touch with you.
Amy Paternite (973) 913-1013
Burgdorff ERA
Maplewood, NJ
0 votes Thank Flag Link Tue Jul 22, 2008
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