Home Buying in 02906>Question Details

Sarah Spinet…, Home Buyer in 02906

My husband and I have seen a home that is now bank owned in our neighborhood and we are very interested in

Asked by Sarah Spinette, 02906 Sat Feb 14, 2009

purchasing it. However, the real estate agent in charge of the property said that the bank has not yet evicted the tenants (its been about 2 months) and she has no date. We have been already preapproved for the sale price but the realestate agent is not helpfully if trying to help us move forward. She said that she cannot show the property until the tenants leave. If we were to purchase the property we would not need both tenants to move out just one. I was wondering, if we had our own agent pushing for us would things move any faster? Wouls our agent have any ability to contact the bank themselves and negotiate anything? Are there agents that might have more experience or even specialize in agreements on bank owned properties?


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The listing agent is correct regarding any statement made to you. We are foreclosure listing / buyer agent we have a property that I personally know the listing agent waiting for tenants vacate and etc. anticipating at least another 4 weeks prior to submitting an offer.

Tenants have been given notice , bank MUST FOLLOW all state and law regarding property . Listing agent can be assigned the property however till listing agreement is executed with all banks demands nothing can take place.

If you want the tenant remain forward a notice request for them move into an extended stay hotel will allow them return to property upon possession and closing. SUGGESTION: however you dont know who the tenant is , rental history, and etc.
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Sat Feb 14, 2009
The bank's not going to move forward until the tenants are out. It would be in your best interest to have a buyer's agent, but this will probably be a slow process.
Web Reference: http://www.alaynaberek.com
0 votes Thank Flag Link Sat Feb 14, 2009
Sarah, I'm surprised that the Bank's Agent put the house on the market pending the eviction of the tenants. There could be a lot of nasty surprises after the tenants leave. Eventhough I believe that even if you had a Buyer's Agent would not help the situation, I would recommend that you get one. Dealing with a foreclosed/Bank owned property could be a complicated endeavor. You should be protected with your own agent. It is not going to cost you anything. Commissions are paid for by the Sellers (usually). Good luck.
0 votes Thank Flag Link Sat Feb 14, 2009
Hi Sarah, Brenda is correct regarding banks being unwilling to put homes on the market until they are vacated. Evictions can last a long time and if the tenants are unwilling to move, then even longer. Although we "hear" that this will be changing soon, I deal almost solely in Bank owned properties right now and have yet to see it happen. The best you can do is make that Realtor aware of your intentions. If you used a buyer rep, she/he could have an alert set up so you would know the minute it came on the market. and also advise you on how to proceed, so to answer your question, while it would be helpful to have your own Realtor working for you, it will not hurry the process along. Another thing that you may want to realize..Bank owned properties are not always in the best condition once people have moved out. If you are approved for an FHA loan, you may want to consider speaking with your bank about the possibility of a rehab loan...just in case. I know you think the real estate agent is not being helpful, but she is only following what the bank tells her to do and they are the owners.
Web Reference: http://www.reori.com
0 votes Thank Flag Link Sat Feb 14, 2009
Yes, there are agents with more experience in dealing with foreclosed properties. A tenant never has to move out of an apartment under RI law unless they have defaulted in some way. Usually with a foreclosure the bank will offer "Cash for Keys" in order to get the property vacant.

You should always have an advocate on your side. A well experienced, patient buyers agent will fight for your best interests.

Please contact me at anytime if you have any questions or comments.

Thank you.

Arthur Chapman
0 votes Thank Flag Link Sat Feb 14, 2009
Hi Sarah,
I too list REO's. Unfortunately the bank is unwilling to review any offers until the property is vacated and listed. Most instances however, I ahve been fortunate to negotiate with tenants and have them moved within 30 days of getting the property assignement.
There are many more details involved in these purchases and I would be more than happy to guide you.

Please feel free to contact me directly so we can discuss further.
Brenda Fernandes
0 votes Thank Flag Link Sat Feb 14, 2009
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