Foreclosure in Brigantine>Question Details

Mj, Other/Just Looking in Brigantine, NJ

How do I buy a forclosed property that is listed by a broker?

Asked by Mj, Brigantine, NJ Sat Aug 15, 2009

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Laura Giannotta’s answer
Not to drag this on, but yes I've had a listing agent try to rush my cash buyer to closing without having resolved numerous title issues on an REO property. I agree an attorney should be consulted, but attorneys are seldom used in south Jersey.

Laura Giannotta
1 vote Thank Flag Link Sun Aug 16, 2009
Hi Laura,

I am all for discussion so it is fine to disagree. But, what would you be able to do more then the listing agent or any other agent that would provide this person with clear title? or any of the other issues, are you implying that the listing agent and the bank could/would sell this house with title issues and hide that from the buyer?

I think not.

Any person buying a house should have an attorey on their side, so, even in a dual agency situation, the buyer has representation and attorney would address the title issues to protect the client.
1 vote Thank Flag Link Sun Aug 16, 2009
I must disagree with John. Bank owned properties often come with problems in obtaining clear title among other issues. You need agent on your side, making sure that you're protected. Click on the link below for information on New Jersey's Real Estate Agency Relationships...…

If you have more questions about foreclosures or short sales in Brigantine, contact me.

Laura Giannotta
Keller Williams Realty - Atlantic Shore
1 vote Thank Flag Link Sun Aug 16, 2009
MJ - You do not need a so called "buyers agent".

There is no reason for you to contact another agent, and in a foreclosure all you are doing is adding another string to the line of communication. ( but do so if you feel the need )

There is absolutely no reason for you not to contact the listing agent agency on this and get in the game.
There is nothing that a so called "buyers agent" can do for you that will get you this house or change anything in price or communication or anything. zero, zip, nada.

I am not in this area, but if you have questions regarding foreclosures and contacting the agency feel free to email or call me and I will help you out. No referral, no nothing, just answers.

For agents to post matter-of-factly to home buyers that they need to contact a buyers agent is wrong.
In the State of NJ we are all Buyers / Listing / Dual agents until designated.

Especially when there is nothing that a so called "buyers agent" can do differently for any home buyer.
1 vote Thank Flag Link Sun Aug 16, 2009
Foreclosure are much different than what is considered an arms length transaction. Foreclosures require some knowledge of the process unfortunately even listing agents of the reo (foreclosures) don't understand this either. I can prove this from just last week having to intervene with the banks lawyers to save my buyers deal.

With banks problems today becoming our problems it is quite an experience to make sure these deals go off smoothly. An experienced agent whether listing or buyers will work hard to smooth the transaation. I close my foreclosures in 30 days or less. I hear all these horror stories lasting 60 even 90 days and then come to find out it's because some agents try to close these as normal transactions. Sometimes we get lucky but most often there are fires to put out and knowing the processes and why mortgage companies want more info because of deed changes or banks require release of monies. It is nuts and can sometimes drive you nuts.

It is experience not a buyers agent or listing agent who is better to work with. Be assured a bank will have an attorney and the contract itself up front is very important to get right. The first time. Avoid extensions. Avoid changing attorneys. Avoid changing mortgage companies
Knowing this and much more wil help your transaction go smoothly. There is nothing worse than trying to get an appraisal or home inspection done when the gas or elec or water co will not turn the water on because of money owed.
Just interview your agents choose wisely and buy! Ask how your agent representing you will present your offer.

Sent from my iPhone

Larry Sarlo
Weichert Realtors

As a buyer you need to be forewarned also these transactions are not for the faint of heart.
Web Reference:
0 votes Thank Flag Link Sun Aug 16, 2009
All you need to do is choose a buyer's agent. I specialize in buyer agency and have represented my clients in buying bank owned (foreclosed) properties. Call me at 609-484-9890 ext. 132 or email me and I can meet with you and discuss how to buy these properties.

Best wishes,

Web Reference:
0 votes Thank Flag Link Sat Aug 15, 2009
Basically, it is not much different than buying a home under normal circumstances. You contact a real estate agent. It does not have to be the listing broker, it can be any agent licensed in the state. The agent will set up an appointment to see the property. If you like what you see, you make an offer. THis is where it gets different. Since it is bank-owned, the offer must be in contract form with a mortgage pre-approval or proof of funds from your bank. You also include a deposit towards the home when the contracts are signed. Then you wait to see if the bank accepts or rejects your offer (this could take 1 - 4 months). If the bank accepts, you proceed, If the bank rejects it, the contract is voided and you get your deposit back.
0 votes Thank Flag Link Sat Aug 15, 2009
Contact me. I can help

interview a few Look for professional sales ability. Negotiations Empathy. Someone who work for you and your interest at heart.

I invite you to call me

Larry Sarlo
Weichert Realtors
Web Reference:
0 votes Thank Flag Link Sat Aug 15, 2009
Either call the broker yourself or, preferably, have your own real estate agent/representative to contact that broker. The cost is no more to you to have your own representation.
0 votes Thank Flag Link Sat Aug 15, 2009
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