It is highly recommended that you locate an experienced broker who has a strong background or who is currently dealing with REO (bank owned) properties, short sales and foreclosures. Purchasing these properties and the processes that go along with them have changed dramatically over the past six month. Successfully contracting and getting to the closing table within a minimum time (within 1-2 months) will require the expertise of a knowledgable broker.
The majority of my business is REO, preforeclosure, short sale and foreclosure properties. I just closed a deal (short sale) where the bank had not yet approved the short sale. I obtained bank appoval in 10 days!From beginning to end my client closed the deal in under 27 days! Fortunately, I've been able to close these type deals in under 35 days.
Bank owned properties are not complex deals, but will require a steadfast and knowledgable broker. I would not advise going it alone. Your chosen broker should handle all the details in a competent and professional manner. Banks do not respond well if being forced or pushed into a short sale by brokers seeking approval. They may intentionally put a request at the bottom of their 100+ stack of deals and take months to gain approval. You want your deal to be upfront and professionally organized from the beginning.
I wish you luck in your endeavor. Choose your broker carefully and you'll have an exciting and wonderful experience!... more