Agents specializing in foreclosures?

Asked by Seedimon, Midlothian, VA Sat Jul 11, 2009

Are there agents out there who specialize in showing clients foreclosures? Agents who know the process, pit-falls, and are willing to hang in there for a first time home buyer?

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Veronica Tay…, Agent, Richmond, VA
Mon Jul 13, 2009
BEST ANSWER
I personally like your question. I think there are REALTORS who do "specialize" in the many aspects of Real Estate. When looking for a foreclosure, you should ask your REALTOR many questions as well as, the REALTOR asking you several questions about your reasons for buying a foreclosure. There a many factors to be considered. It's like going to a General Practicener when you need a Dentist.

My speciality is investors. This has enabled me to gain experience with all types of REO/foreclosures and short sales. I have closed on REO properties for all levels of investors. Advanced or beginning investor, purchasing an home is an investment, it is just a matter of determining your purpose for buying.

There is lots more information I could share on purchasing foreclosures. I would love to assist you in becoming a informed buyers. Give me a call (804)651-7257 or email me at veronicataylor@msn.com
0 votes
Carlymeo, Home Seller, Fremont, CA
Tue Aug 18, 2015
If it has been foreclosed it is owned by someone, often the bank. You bid on auctions, you make offers on homes for sale. If the bank owns it then you have a bank owned home and the bank will list it for sale just like any other house. You get a Realtor to get you in to see it and you make an offer. The bank that owns it will require that you speak with a lender and include a letter from the lender saying that you can get a loan to buy the house. Make an offer and see if the bank accepts it or not. it's that easy - http://ForeclosureIQ.com
3 votes
Gita Bantwal, Agent, Jamison, PA
Sun Jan 31, 2010
Yes there are specialists who have the designation and have taken courses to learn all aspects of the foreclosure process.
There are agents who do not have the designation but a lot of experience because of the market they are in,.
You should interveiw agents and find out how many foreclosures they have sold.
Please remember that there may be deals out there that are not foreclosures. A foreclosure is not always the best buy.
If you are looking to buy because of the tax credit, make sure you remember the deadline.
Web Reference:  http://www.gitabantwal.com
0 votes
Keith Manson-…, , Milwaukee, WI
Sun Jan 31, 2010
This is a good question. All realtors can help with foreclosures, but if you do not have a foreclosure expert, you and the agent might be learning at the same time! It is best to get educated about the process up front and work with an expert in the foreclosure/short sale process.

Keith Manson
First Weber Group
Certified Distressed Property Expert
Metro Milwaukee

http://milwaukeebailout.com
0 votes
Teresa Snipe…, , Midlothian, VA
Sat Jan 30, 2010
Good questions. Any agent can help you with a foreclosure, however there are some who deal more with foreclosures. There are advantages and disadvantages associated with foreclosed properties, I would be wise to find an agent who can help you with the process.
0 votes
Romilda P. S…, Agent, Richmond, VA
Mon Dec 14, 2009
I'm sure, by this time you have found someone to help you. If not, please feel free to call me. I have been listing and selling REOs for the past three years. You are correct they can be trickly for anyone, esp. first-time homebuyers. However, whether an agent "specializes or not" any qualified agent should be able to help you. If they don't know the answer immediately, there is a lot of help they can receive, mainly from their broker. No one knows everything, but they are willing to ask and learn. Every foreclosure, short sale, transaction I work on is different and has different challenges.

Romilda P. Smith, Realtor
Keller Williams Realty
0 votes
The Mulhern…, Agent, Fairfax, VA
Sun Jul 12, 2009
"Specialize" is a term - the Internet offers no validity to search terms. Find an agent who you match up with and has your best interest at hand, and ask them their experience with foreclosures. Just because they have a portfolio of REO experience, does not mean they are not in the banks pockets. My advice is find an agent who has the desire to work with a first time buyer, and make sure that you work well together. Then ask about their foreclosure experience because not all foreclosures are the best deals out there right now - there may be regular sales that better fit what you are looking for.

Jimmy Mulhern
0 votes
Herb Leary, Agent, Pacific Palisades, CA
Sun Jul 12, 2009
I have been looking in the SW Florida area and did a simple google search and found an agent that specialized in REO sales in the area. He even sent me a daily list of the new REO listings in the local mls. If you have difficulty or other questions feel free to email and I can refer you to someone as we have relatives that are agents in the area. Full disclosure, I am a real estate broker in Southern California but I was looking for my own portfolio as I am an investor.
0 votes
Keith Manson-…, , Milwaukee, WI
Sun Jul 12, 2009
There are agents that do specialize in foreclosures. I am associated with a designation, certified distressed property expert that specialized in helping people in trouble with there mortgage to stay in their home or complete a short sale. This knowledge gives them a through understanding of the process and perfect for helping first time buyers.

I work in milwaukee area and do just that help first time buyers looking for foreclosures and help people that need assistance that are having mortgage trouble with their lenders.

The best way to find a Certified Distressed Property Expert is to look them up at http://www.cpdenow.com.

Good Luck

Keith Manson
First Weber Group
Certified Distressed Property Expert
Greenfield,Wisconsin
0 votes
Seedimon, Home Buyer, Midlothian, VA
Sat Jul 11, 2009
I should have used the correct terminology, REO, not foreclosure.
0 votes
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