How can I find an agent experienced in dealing with foreclosed, bank-owned properties?

Asked by Beth, 60657 Fri Mar 19, 2010

I'm interested in putting in an offer on a foreclosed condo in the Uptown area. The property is bank-owned and was listed by a local real estate company, but it now appears that the property is being prepared for auction by REDC and is not with that real estate company anymore (I'm not sure if it's been sold to a new bank or not).

I'm willing to offer the full price that was listed before the property was transferred, but my realtor is very inexperienced with REO properties and can't seem to get much information on the condo. I'm afraid that the property is going to be auctioned off without me even knowing about it.

How can I find an agent who has experience dealing with foreclosures? My realtor is doing a good job but I'm afraid that his inexperience in the matter will cost me the condo I want.

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7
Mary Nack, Agent, Chicago, IL
Fri Mar 19, 2010
Dealing with the agent whose primary business is listing REO's, on the surface, would seem like the best agent for a buyer to work with. However, those agents tend to focus their business on LISTING the properties and working with lenders rather than working with the buyers interested in purchasing them. Often times, they simply don't have TIME to return a phone call - from ANYONE (though I'm sure they talk to their lenders all day long) - not even a bona fide buyer.

This is not meant to find fault with them. Those agents are drowning in paperwork. That business is all about volume. They simply do not have the time to spend with buyers. Just so you know, I had put a call into an REO listing agent 2-3 days ago - and wrote him an email (his voice mail said that was a better way to contact him). He finally called me back last night at 10:15 to talk to me! Which, frankly, was impressive. The poor guy is clearly working 80 hour weeks.

If you like your agent, give them a chance. They may be learning along with you about REO's. We ALL are! I know 5 years ago, I didn't have a CLUE about this side of the business - and I have been in real estate for 30 years! I know a whole lot more today than I ever wanted to!

Hang in there. There are LOTS of opportunities for you to jump into the foreclosure fray. Don't get your heart set on just one property. Keep your options open. You'll find the right property. Just be patient.

mary!
2 votes
Jeff Nobleza, Agent, Chicago, IL
Sun Mar 21, 2010
I'd suggest that you find any big name office and ask to speak to the managing broker. Tell him/her your requirements and they should be able to recommend a few of their agents that meet your requirements.

Baird&Warner is the preferred listing company for Freddie Mac and most of BW's agents have impressive resume's when it comes to working with buyer's for REO's.

I'd be more than happy to send you a list of REO transactions I've worked on both the buying and listing side. I've listed and sold 4 properties for freddie mac and have 17 foreclosures that will soon hit the market and I've represented buyers for 14 different REO properties that have closed.
0 votes
Harold Arnold, , Chicago, IL
Fri Mar 19, 2010
My best advise is to talk directly with agents with foreclosure experience. This writer has that experience. In fact I represented a buyer who bought the foreclosure which was rehabbed and 6 months later sold to another party. I sold the home, listed it and sold the home again.

There are many facets to buying property and sometimes foreclosures are difficult. It depends on the competitive offers placed on the property by other buyers.

For questions and advise, call me anytime.

Harold Arnold
Realtor
American Invsco Realty
312.523.8174
0 votes
Matt Laricy, Agent, Chicago, IL
Fri Mar 19, 2010
Beth,
Most agents in this market have experience handling foreclosures. Your best bet is to call up a few agents and see if they meet your criteria. From here, go with the agent that you feel comfortable with.

Matt Laricy
Americorp Real Estate
Brokers Associate, e-PRO
mlaricy@americorpre.com
708-250-2696
0 votes
Philip Sencer, Agent, Chicago, IL
Fri Mar 19, 2010
Dealing with foreclosures is not rocket science, but dealing with REDC is usually a bit more complicated for you the buyer, not the agent. There is greater potential risk because you usually have NO attorney review &No inspection. You need to accept their contract , their terms and sometimes accept something less than clear title or walk away, but I would need to know more information to give you a more precise answer......like the address.


philip
0 votes
Evelyn S. Fr…, Agent, Chicago, IL
Fri Mar 19, 2010
Hi Beth,

This is a good forum for searching out experienced agents. What is the address, condominium name and/or sale/asking price?

The more information you can provide the better equipped we are to help you. Feel free to contact me directly.

Evelyn S. Fred
773-697-5594
Baird & Warner
0 votes
Christopher…, Agent, Irvine, CA
Fri Mar 19, 2010
If you are going to purchase a property through auction I suggest you ask your agent to order a Title Preliminary Report to see what has recorded on the property (i.e. liens, judgments, notice of substandard). Does your current agent know of someone in his or her office that can help in your guys transaction? If you like your agent, you can maybe ask to see if he/she would be willing to work with another agent and split the compensation.

Chris
Web Reference:  http://www.chrissuh.com
0 votes
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