Jamesfreddyc, Home Buyer in Palm Beach County, FL

Boynton Beach REO Listing Agent

Asked by Jamesfreddyc, Palm Beach County, FL Sun Mar 11, 2012

We are not professional RE people, just myself/wife/daughter --- driving neighborhoods and researching on PAPA and TaxColl websites. We are very proactive but having a difficult time determining our next step. After we locate something (REO), we then always end up at a place where we need an REO listing agent to proceed.

Looking in Boynton Beach East.

Q: How do I locate listing agents for Deuetch/JPMorgan/etc owned properties?

Thank You

James

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13
Susan Doyle, Agent, Boynton Beach, FL
Mon Mar 12, 2012
You are going about this the hard way. Find yourself a good REO agent, there are plenty out there (I am not one but know many) and then you work with them and they will work for you. You need representation for yourself. Also, if you work with one agent they will build a file on you and find things you may not or before they hit the market. They get to know your wants and needs and you are not constantly repeating yourself. Seems like you need a break from driving around and getting no where @ $4 a gallon of gas...good luck to you in finding a new home.
0 votes
Diane Balsara, Agent, Boynton Beach, FL
Mon Mar 12, 2012
Hello James,

It would seem that you are finding properties that you see have been foreclosed on and then wanting to submit offers on those properties? You ask how to find listing agents for Deutche/JPMorgan/etc. The reality of it is that you don't. That is not the work flow. Let me explain. The company I work for, Nautica Realty, has been a niche company marketing foreclosures since 1985. We closed over 400 properties in 2011. Once a property has gone through the foreclosure process it is either sent in-house to the division of that bank's REO marketing department or it is sent outside to another asset management company. Bank of America could foreclose but end up with that property being sent out to Wells Fargo's REO department (Premiere Asset Services). Or, it could belong to Freddie Mac or Fannie Mae, HUD, etc. From there it is then assigned to an REO listing agent. We then provide/oversee the necessary services to get it out to market- re-key, trashout, cleanup, utilities and valuation. It is then put out to the market place. No bank deals directly with the consumer. They have procedures and protocol in place to handle these assets. So, you are pretty much wasting your time going about as you are- finding a property and then contacting the bank as there could be title issues, physical issues etc. and some of these assets sit after the foreclosure for sometimes two years depending on the situation. Also, if it is still in the courts the owners can delay the process through filings, bancruptcy or do a loan modification. You may be researching properties that will NEVER come on the market. Also, when buying a listed property all back HOA or condo fees and any code issues have been dealt with.
My suggestion is to find yourself an active Realtor in the area. You need someone who is familiar with all types of properties- REO's, regular sales, HUD, and estate sales. Don't think because it's one or the other it's not a good deal. I remember a very well priced estate sale when I first started in real estate and I called one of my customers all excited and her response was 'I'm not interested I only want to buy a foreclosure'. Geez! A good agent will continually be researching properties for you, be available for showings and understand how the offer process works on REO's. Our office has people who specifically work with buyer's. You can call 561-734-6397 to Nautica Realty and our staff will put you in touch with one of our selling agents. Please see our website as well below.
Web Reference:  http://www.NauticaRealty.com
0 votes
Nadine Mauro, Agent, Lake Worth, FL
Sun Mar 11, 2012
Hi James,

First of all find an agent to represent you and submit your offers to the listing agents and the bank. Having your own agent will not cost you any more money.

You're working hard to find the properties and the comparables. Let me help you. Not only should you be checking the sold homes in PAPA, you should want to know what shows up in the MLS. The MLS usually updates 1 to 2 weeks quicker than PAPA.

I live and work in Boynton Beach and surrounding areas. Give me a call and see if you feel we can work well together. I look forward to hearing from you.

Nadine Mauro
Highlight Realty
561-414-0864
NadineSellsHouses@gmail.com
http://www.floridahouseseller.com
0 votes
Joan Dembros…, Agent, Boca Raton, FL
Sun Mar 11, 2012
Hi James,

In my opinion, it would be to your advantange to find a local REALTOR® to help you with the homebuying process. There is no charge to you for the services that a REALTOR® can provide and it should make your search for a home smooth & successful.

When dealing with foreclosures and REO properties, it's an advantage to have the most current & accurante information that is available. Many times multiple offers are received on properties so getting profession help to prepare the necessary paperwork & to present the best offer is essential.

If I can be of service, please contact me.

Sincerely,

Joan Dembroski, REALTOR®, ABR, CDPE
Realty Associates FL Properties
joandembroski@bellsouth.net
561 785 3511



I
Web Reference:  http://www.joandembroski.com
0 votes
Tom Priester, Agent, Tequesta, FL
Sun Mar 11, 2012
James,

You are certainly going about things with a lot of due diligence but probably spinning your wheels in the mud as driving neighborhoods and doing research on the Palm Beach County Clerk and Tax Assessors websites will not give you much to go one. Banks are funny and you will find getting them to speak with you directly about a property somewhere in their foreclosure pipeline will be almost impossible.

Finding out when they might place a property on the market after they have foreclosed is very difficult to determine as it can be the same day as the auction or it may end up to be many months down the road or not at all. It is almost never in your best interest to contact the listing agent as there is a conflict of interest that can cost you dearly when it comes time to negotiate. They have a relationship with the seller and have set a list price that may, or may not, be in line with what the real market conditions are surrounding that property. If you were served with a lawsuit, would you hire the attorney of the other party to represent you? Find a qualified buyers broker and let them work their magic during the negotiation phase of the purchase.

Your best bet at this point is to start working with a professional Realtor to help you along this path. A few recommendations I would make; I would tell you to not sign a buyer's broker agreement with anyone. This is a form an agent will use to tie you up and ensure any transaction you make will only be through them. Find an agent who is happy to perform their services with the knowledge that if they do not properly meet your expectations they will lose your business. Second, never call a listing agent about a home they have listed as their initial relationship with the seller will prevent you from working out the best deal. Finally, I would recommend that you interview at least three qualified agents to assist you and select one who you feel will have your best interests as their primary goal. I work almost entirely as a buyers agent and certainly would be honored to be on your list if you want to explore opportunities in this area. If you are going to interview agents I certainly would be honored to be included on that list.

You might also contemplate bidding directly at the foreclosure auctions but unless you fully understand the process and know how to quickly have someone complete lien searches probably better to leave this to others.

I hope this information is helpful but if you need anything additional please do not hesitate to give me a call.



Always at Your Service,


Tom Priester e-PRO
"Results Driven Real Estate"

Keller Williams Realty
561 308-0175
tom@tompriester.com
Web Reference:  http://www.tompriester.com
0 votes
Jamesfreddyc, Home Buyer, Palm Beach County, FL
Sun Mar 11, 2012
Thank you all for your comments! I really appreciate all of the info.

Funny, we had already attempted to contact Todd, then he posted on this topic! But we might follow up with other commenters that have made an effort to provide their insight.

Again -- thank you to all for your input!
0 votes
Bob Brubaker, Agent, Lake Worth, FL
Sun Mar 11, 2012
James- What really need is a selling agent who not only
covers the areas you are interestedi in but is active with REO property
and marketing dynamics invoived.!
REO Listing Agents advance their clients interests and if they sell at all-are concerned
with rheir own "in- house "inventory. You need a " market focus " that
integrates your needs with availability to select out good choices for you! You can
best think of this as"market navigation".
How do find such an agent? Just like you're doing now! See who responds ,look
over their profiles , websites, then contact the most promising ! Glad to hlelp if you so choose!

BOB BRUBAKER HIGHLIGHT REALTY PALM BEACH COUNTY FL. 561-876-6649
Web Reference:  http://pbc-realcam.com
0 votes
Scott Godzyk, Agent, Manchester, NH
Sun Mar 11, 2012
James you are spinning your wheels... You have two options, if you are comfortable buying without representation you can contact the leading listing agents in the area. When a property is taken back at foreclosure auction, it is given to an asset management company which assigns the listing to a broker on their approved list. The next steps are to evict the occupant, clean up the property and make sure it has clean title so it can be appraised and placed on teh market. During this time before it is priced, listing agents can show the property so a buyer can get a head start on inspecting and due diligince. When it is priced you can be first with an offer.

If you are not comfortable on your own, you should have an expereinced buyer broker who can search new listings for you. driving neighborhoods and studying upcoming foreclosures leads to a lot of wasted time as owners can bring their account current or work out something with bank.
Web Reference:  http://www.ScottSellsNH.com
0 votes
Susan Triana, , Palm Beach County, FL
Sun Mar 11, 2012
I work in the Palm Beach county area and will be happy to help you!
0 votes
Lyn Miller, Agent, West Palm Beach, FL
Sun Mar 11, 2012
James, I can appreciate you wanting to do it yourself, but in this market it is as important have a professional realtor on your side as it is when you need any professional , like a doctor or attorney. as every bank is totally different in how they market their foreclosures. in most cases the seller will pay the realtors commission and most of us professionals carry E& O insurance, and it may not be the best to go up against a bank when they know the rules and you don't . if you don't use a licensed real estate professional and something goes wrong and many times in real estate this happens, your only option then is to pay an attorney a $ 3- 5,000 retainer fee to solve your real estate problem. So if you would like help, please call me ,, 561-445-8719 , , Lyn Miller Continental Properties
0 votes
Heath Ullman, , Boynton Beach, FL
Sun Mar 11, 2012
James,

Great question. I am a local Realtor in Boynton Beach and I work with people like you that are searching for REO's. You simply need to align yourself with an agent you gel with to have your needs met. All agents subscribe to a multiple listing service and can research the properties for you. I would love the opportunity to work with you and your family. Our company Option One Realty is a family owned and operated company for 13 years.

Regards,
Heath Ullman
Realtor
Option One Realty Inc
561-573-8098
Lethalhuman@gmail.com
Web Reference:  http://optiononerealty.net
0 votes
Todd Kevitch, Agent, Boynton Beach, FL
Sun Mar 11, 2012
James:

I work with a lot of bank owned listings and our office is located in East Boynton Beach. Feel free to contact me at your convenience.

Todd Kevitch
BPO Realty LLC
Web Reference:  http://www.bporealty.com
0 votes
Alain Picard, Agent, Puyallup, WA
Sun Mar 11, 2012
If you talk to a local real estate agent they should be able to search for these bank owned properties and submit your offer for you. You don't have to use the listing agent of the home that you want to buy and a lot of people use their own real estate agent. Using your own agent also shouldn't cost you anything.
0 votes
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