Raj, Both Buyer and Seller in Oak Park, IL

How can I buy a foreclosure listing? Are there specialty realtors available for this service?

Asked by Raj, Oak Park, IL Sun Sep 26, 2010

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10
Kevin Olson,…, Agent, Colorado Springs, CO
Thu Oct 28, 2010
Yes, there are, and they are easy to find. Typically the easiest place to find REO buyer's agents is at an REO listing brokerage. These agents typically don't advertise (they don't have to), so you'll have to go find them. They are completely worth looking for because they handle these situations/offers every day. Buyer representation should not cost you, but be sure before you sign paperwork for representation.
1 vote
Michael Hagen, Agent, Elmhurst, IL
Sun Sep 26, 2010
Raj,
There are a lot of good answers below with good information. You should also understand several more issues with foreclosures:
1) just because the property is a "foreclosure" does not mean that it is a good deal. For example, the house may have been listed at $1.4M before foreclosure, and after foreclosure is listed at $999K, but in today's market and in the condition of the property, it may only be worth $800K, so the $999K asking price is not realistic. A good agent should be able to explain the specific market to you.
2) You are going to have to be willing to accept the property in as-is condition. While there some banks (some of the ones that I work with) that will make some repairs and updates to foreclosed homes, the vast majority of them do nothing to the house.
3) You are going to have to have your financing lined up or proof of funds. No bank which is selling property will entertain an offer if this is not lined up.
If you have more questions, please feel free to let me know.
Mike Hagen
Investment Property Specialist
Evergreen Real Estate
1 vote
Steve Wagner, Agent, Oakbrook Terrace, IL
Sun Sep 26, 2010
Raj,

I see I anwered a previous question specifically related to foreclosures in Midwest Club. I apologize. I personally have expereince buying foreclosures and have assisted other clients to do the same. Quite recently, I assisted one in Oak Park with the purchase of a foreclosure. It would be helpful to understand what you are looking for and where you would like to buy. You can search foreclosures using the web reference below.
Web Reference:  http://www.hotsheethome.com
1 vote
Desari Jabbar, Agent, Stone Mountain, GA
Sun Sep 26, 2010
Definitely you should find a realtor who has experience with selling foreclosures. Oftentimes, there are a lot of offers, counteroffers, seller addenda, etc. Your agent should be familiar with this. Also, consider a Fannie Mae property, they have introduced a new buyer incentive program that will assist you with your closing costs.

Please read my blog
http://www.trulia.com/blog/DesariJabbar/2010/09/3_5_buyer_in…
Web Reference:  http://www.DesariJabbar.com
1 vote
Lauren Dolly, , Oceanside, CA
Thu Oct 28, 2010
Hello Raj,

I would suggest when selecting a realtor to work with you ensure that the realtor is actively working in the area you are interested in. Also, the only way you can specialize in an area is by experience so make sure they are able to provide MLS statistics.

Good Luck !
0 votes
Christine Mo…, Agent, Saint Petersburg, FL
Thu Oct 28, 2010
Get a Buyer's Agent that is familiar with negotiating a foreclosure or short-sale home; bottom line.

Going with just "any" Realtor will not do in this situation.
0 votes
Thomas Tolbe…, Agent, Savannah, GA
Sun Sep 26, 2010
While any Realtor can assist you in purchasing a foreclosure home, some are more experienced in foreclosures than others. If you are interested in buying a foreclosure having a buyer's agent who is experienced with handling foreclosures will be able to advise and guide you every step of the way. Good Luck!
Web Reference:  http://savannahgahomes.net
0 votes
Judi Monday,…, Agent, Green Valley, AZ
Sun Sep 26, 2010
While just about any Realtor can help you with the purchase of a foreclosure, you should find someone who has experience in this area as a number of foreclosures are resulting in bidding wars and you want to make sure you have someone who knows what it will take to make sure your offer is the one the bank accepts, while at the same time making sure that you don't overpay for the property. When interviewing ask the agent how many foreclosures they've handled and what the outcome was for those purchases.

Best of Luck,
Judi
0 votes
Steve Wagner, Agent, Oakbrook Terrace, IL
Sun Sep 26, 2010
There is one foreclosed property and one in preforeclosure in Midwest Club. If you would like to contact me I will be glad to assist.
Web Reference:  http://www.hotsheethome.com
0 votes
Mary Bremer, Agent, WHEATON, IL
Sun Sep 26, 2010
I sell a lot of foreclosures and can email you a list. Contact me so I know your criteria.
Web Reference:  http://www.marybremer.com
0 votes
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