Foreclosures? Should I find an agent who specializes in foreclosures? Most seem less interested in foreclosures than resales.

Asked by Heather Turner, Clarksville, TN Sat Apr 13, 2013

Should I find an agent who specializes in foreclosures?

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8
Linda Lorenzo, Agent, McKinney, TX
Mon Apr 15, 2013
One important item I haven't seen mentioned here is that not all foreclosures are going to qualify for a bank loan. If there in particular foundation or roof issues they will most likely not qualify for a traditional loan. There are some rehab loans out there but not on all properties. I am amazed at the number of people who think they want a foreclosure home - they are are not necessarily the best deal out there. Good luck.
0 votes
Jaime Wallace, Agent, Clarksville, TN
Mon Apr 15, 2013
Hi Heather,

Any agent can assist with a foreclosure. However not all agents know what to advise to offer on a foreclosure and what type of things constitute a "no deal" situation. I would definitely look for an agent that's experienced in dealing with them! I have about 15 foreclosure deals under my belt and would love to offer my expertise! Call or text me anytime.

Thank you!

Jaime Wallace REALTOR
Reliant Realty
931.320.1358 cell
931.245.8800 office
931-245-8798 fax
Jpace@realtracs.com
0 votes
Melinda Kell…, Agent, Clarksville, TN
Sat Apr 13, 2013
Heather,

The reason that some agents may "seem" to be less than interested is due to the fact that foreclosures are a little more difficult, some times you could write on more than one property before you have an accepted at a price point you are willing to pay for a home that needs some TLC, and also it may just be that they may not be as well versed in the logistics of writing an offer on such homes as other agents.

There is more paperwork, the financing options are smaller, and many have "issues" but with that being said if you are willing to find an agent who is knowledgeable about the process and the different types of foreclosures (each seller VA, FHA/HUD, Fannie Mae, Freddie Mac, or Bank Owned have there own set of "rules" and guidelines about offers) and can guide the way then you can purchase a wonderful home for your family with instant equity or an investment property for well below market price.

I have numerous investors (purchase to resale) and clients (personal residence) whom purchase foreclosures, Repos and short-sale properties and I would love to help explain more about the process to you and show you that foreclosures can be a great purchasing option. Thanks!

Melinda D. Kelly-Major - REALTOR®
Clarksville TN / Fort Campbell Area Homes for Heroes® Representative
RELIANT REALTY
Clarksville Home Sales Team
Office: (931) 245-8808 Fax: (931) 245-8798
Cell and Text (For Quicker Response): (931) 237-3437
Email: mkellyrich@hotmail.com
Search ALL Homes & Land for Sale in the Clarksville, TN / Fort Campbell, KY Area at http://www.ClarksvilleTNHomesOnline.com
0 votes
Rodney Mason, Mortgage Broker Or Lender, Atlanta, GA
Sat Apr 13, 2013
Hi Heather,
Foreclosures and short sales have been a major percentage of sales in the last 5+ years. As REO inventory has dwindled in the last few months, we are beginning to see more traditional re-sales. What you could be perceiving as lack of interest by the Agent could instead be a simple lack of inventory available for you to view.

In addition to that, many Buyers today are not fully understanding that the market has begun a shift. For the last few months, we have been moving more from a Buyer's market to a Seller's market. During this shift, many of those Buyers are still insisting that their agents offer well below the current List Price. Considering that many properties are currently selling for at or above List Price, this is a losing strategy for the Buyer and their Agent. Those Buyer's then typically place the blame on their Agent for not having any offers accepted.

When making an offer on a property, listening your Agent's advice is going to be critical to you getting an accepted offer.
0 votes
James Pinson, Agent, Oak Lawn, IL
Sat Apr 13, 2013
I agree with the rest of the answers however an agent that has dealt with the process may prove to be a benefit. Do get me wrong....we're all trained to handle a purchase. I've personally purchased many foreclosures and it seems a good, 30% or more of my buyer transactions have been foreclosures. They run a bit different. There are, on occasion, different contracts (as with a HUD property), every bank has their own 10-25 page addendum (legal verbiage that mostly benefits their end but MUST be accepted and not changed by the buyer), and worst of all move on THEIR timeline. An agent familiar with the process can enlighten you to the process far better than one who has not. By this time, in terms of market history, most active agents have dealt with a foreclosure transaction.
0 votes
Joseph Roraff, Agent, Onalaska, WI
Sat Apr 13, 2013
You don't need a specialist in foreclosures. Any agent can help with foreclosures. It's just a bit of a longer process making an offer on a foreclosure.
0 votes
Kathryn Math…, Agent, Clarksville, TN
Sat Apr 13, 2013
You do not need an agent that specializes in them. The financing for them are just a little more difficult.
If you need help I can help you and explain it to you.

Thanks,
Kathryn matheny
931-561-9370
Keller Williams realty
0 votes
Andrew Fox, Agent, Clarksville, TN
Sat Apr 13, 2013
No maam i wouldnt worry about finding an agent that specializes in them. As long as your agent is familiar with the process involved you should be ok. More important is finding an agent that you like and get along with since the process can sometimes be a long. I enjoy foreclosures when it is a cash or conventional buyer.

Andrew Fox
Coldwell Banker
931-302-2241
0 votes
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