Sean Hayes

Unfortunatly this is the way REO properties work. You are at the mercy of the bank to respond in a time frame that works for them. This is one of many reasons why the average consumer should not attempt to purchase a foreclosed property. The only option your agent might have is to see if there is anyone higher up on the ladder they can speak to and hopefully your agent has the ability to build a relationship with that individual and get a faster response. This has a lot to do with the personality of the individual at the bank and also how well your agent can butter them up. - Mon Feb 11 2008, 11:05

Mike is right on with his assesment of the spring market. We are here! Things start happening as soon as the holidays are over and the weekend after the Super Bowl is full steam ahead. If you are looking to buy or sell, contact your local agent now! - Mon Feb 11 2008, 11:03

Katie this is an all important step in your process of buying a home through an FHA loan program. I am hoping that your local board contracts have a financing contingency clause in them or your agent placed one in the contract for you. If not there could be some issues to arise.

With an FHA loan, you have the opportunity to perform your own independent building inspection with-in a specified time period, if you and the seller agree to it. The lender will also have an apprasial performed according to the federal goverments standards for an FHA Loan. This apprasier may say certain issues must be corrected with the property prior to closing. If the seller refuses to correct this issues, then the responsability falls to you. If neither of you are willing or capable of making the corrections, then you will not get your FHA loan.

Here is where the clause regarding financing becomes extremely important. If you do not have this contengency then you may be responsable for the full purchase price of the property. Please speak with your lender today, as well as your agent to get their take on it and see what options you have available to you. It is not my intention to scare you but please be aware of the challanges that can arise. Best of Luck! - Mon Aug 27 2007, 13:45

Melanie,
Glad to see that you are reaching out for answers to make sure you are taking the right steps in this process. The 2 most important things that you need to accomplish right now are getting pre-approved by a lender or bank and find an agent that is going to be open about what you will experience in finding and buying your new home. I live in St Louis, but am not licensed in Illinois. If you would like a referral for an agent that can help you in East St Louis, please let me know and I will be glad to help set you up. Best of Luck! - Mon Aug 13 2007, 14:36

Juliette,
This depends a lot on the individual agent and also on the market where the property is located. With the current access provided by the internet for buyers to research properties on the market, about 80% of buyers have already been researching property and have a good idea of which properties they would like to consider prior to even speaking with an agent. This is a major consideration in the marketing of an agent who understands that just like any other product, being in front of a potential buyer just 1 time is likely not going to sell the house. The more exposure that is out there, the more opportunities are present for you to capture a potential buyer for the property. Also, think about the fact that most buyers are looking at multipule properties when they go out with an agent. It can get confusing remembering all of the different properties and which ones have what features that they like. Great marketing on the internet, providing a website for that buyer to visit later that day or perhaps a presentation on cd that the buyer can take with them from the property keeps your house fresh in their minds and in front of them and in front of the agent! Sales typically occur after several touches, not on the first one. So all of the marketing does provide you with the exposure necessary in this age where the information is out there for anyone to caputre. Agents no longer control the information regarding real estate. The final point I will make is for luxury properties is buyers do not always come from the surrounding area. This is yet another reason why marketing in national publications and providing a presence on the internet is extremely important. The potential buyer for your home may be in another state or perhaps even another country. If an agent is representing you and focusing only on the local market to provide exposure for your property, they are doing you a disservice. I hope this gives you some insight into why the maximum amount of exposure provided by a full service agent is a great benefit to you as a seller. Best of luck! - Tue Jul 10 2007, 17:09