There always reasons to have a buyers agent representing you, but with foreclosures it is more than important than any other transaction. When buying a foreclosure you can get a great deal but there are more risks than other transactions. You are buying the property in as is condition and when the prior owner defaulted on the mortgage they also stopped maintaning the property which will effect vaule. You also want to insure your evaluating the property correctly so that value is strong in the current market. Think as through the process and not only as a buyer but as a seller (thinking what would need to be done to sell and how long it might take to sell).
When dealing with banks they will try to get the most dollars in the shortest amount of time. So sometimes they lower the value to a point that multiple offers will be submited creating a over list bid.
First Weber Group
Certifed Distressed Property Expert
Metro Milwaukee... more