What is the best way to find an EXPERIENCED broker to assist with the purchase of a HUD, foreclosed home or a?

Asked by Kelly, Columbus, OH Thu Jul 31, 2008

short sale?

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James Wheeler, , Tampa, FL
Mon Sep 8, 2008
As other respondents have already said, the best way is to roll up your sleeves and talk to them. Don't rely strictly on ads or lists. This is especially true when it comes to buying HUD homes (homes that have been repossessed by HUD after foreclosures involving FHA-insured mortgages). Brokers can register with HUD to submit offers on HUD homes, and they'll show up on searchable lists of HUD-registered brokers in your area. But that doesn't mean they have any experience with them. And that also doesn't mean they know anything about the financing options, which can make a tremendous difference. HUD repos, for instance, are eligible for a special $100 down FHA loan program, but many agents and even many mortgage specialists are unfamiliar with it and don't have access to it.
1 vote
Brittany Sim…, , Columbus, OH
Mon Mar 16, 2009

Here is a helpful link on the current incentives to purchase a HUD property.

You can find a complete list of HUD homes, short sales, VA and REO forelcosures on my website at http://www.brittanysimonelli.revealty.com
0 votes
Brittany Sim…, , Columbus, OH
Mon Mar 16, 2009

HUD has a list of approved brokers. You can find it on their website. Most brokerages in Central Ohio are allowed and have access to sale these properties. About 20% of my business is foreclosures or short sales currently.

Visit http://www.hud.gov and nhmsi.com
0 votes
., , Los Angeles, CA
Sun Mar 15, 2009
0 votes
Brenda McMil…, Agent, West Columbia, SC
Tue Nov 18, 2008
Hi Kelly....

I agree with much that has been said here. With a HUD home, it is listed for owner occupants for the first ten days so that gives you a little time to schedule showings with your Broker. Bidding is done via the internet and the Broker has to be registered with HUD to place a bid. I would agree with interviewing several agents to see who you feel best understands and represents your needs. In addition, I would suggest that you choose an agent with several Real Estate Designations. Some designations are: Accredited Buyer Representative (ABR), Graduate Real Estate Institute (GRI), and Certified Residential Specialist (CRS) among others. These designations are earned by real estate professionals by attending intensive training classes and passing requisite exams. More than earning a designation it indicates that the person has incentive to improve their knowledge base and skills so that they can represent their clients more effectively.

Of course, there is some work for you to do before you can place a bid. You must have already established a relationship with a bank or a mortgage broker and have been preapproved for a loan. No seller, whether it is HUD or any other seller will accept an offer without a preapproval letter.

Once your bid is accepted, you will have to provide your agent with certified funds (cashier's check or money order) for the required earnest money deposit. There are numerous forms to be completed and overnighted to the HUD contractor. Your agent must be vigilent as any issues that may arise with the HUD contractor must be resolved immediately or your bid may be cancelled. Inspections, etc must be done within contract timelines and these are strictly upheld.

Purchasing a HUD property is not difficult when you are represented by a Real Estate Professional with experience in the process.

If you have any questions, please let me know....

Brenda McMillan, Broker, e-Pro, ABR, GRI
0 votes
Jim Roberts, Agent, Powell, OH
Thu Sep 11, 2008
Great question. And there are great answers on here as well. The agent's experience and ability to communicate with you and others in the real estate industry are key, in addition to being HUD and VA approved.
I would also suggest maybe asking for references from past clients. Well done is better than well said!
Best regards~
Jim Roberts, GRI, e-PRO
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tom roberts, Agent, powell, OH
Mon Sep 8, 2008
Kelly just make sure,the realtor has done these types of properties and they are hud registered,and off you go.


Web Reference:  http://tjrobertsrealtor.com
0 votes
Brittany Sim…, , Columbus, OH
Mon Sep 8, 2008
Hi Kelly:

You will need to find an agent who is a full time real estate agent. They must be willing to look at properties the day they hit the market. You must act quickly on bank owned homes as they are the most searched for properties right now. One day could cost you a deal as the good ones are in contract right away.

I would be happy to help you find and bid on a HUD home. I have assisted several clients in the past who have successfully purchased HUD homes, VA homes, short sales and foreclosures. I have access to a complete list of foreclosures and HUD listings. If you are interested in recieving a list, simply email or call me with specifics about your search.

Brittany Simonelli, Buyer Agent
BBB Integrity Award Recipient
614.940.3067 Phone
614.621.1303 Fax
0 votes
Don Bush Team, , Columbus, OH
Thu Aug 7, 2008
They must be registered as brokerage, have experience, and know the market.
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tom roberts, Agent, powell, OH
Thu Jul 31, 2008
Kelly,the broker has to be registered,to be able to bid on hud properties,which I do,these arent always in need of major hug,We just have to get in'em(we have a master key,no appt.needed,etc...short sales depends on where there at on the paper work w/bank,plus the listing agent has to know,how to prepare the paper work,or yeah they wont get done.Look forward in answering any other ?'s you guys have.
Web Reference:  http://tjroberts.remax.com
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C clark, , 43147
Thu Jul 31, 2008
I agree with interviewing several agents. Ask the agent if they know about the current HUD incentives, process of turning on utilities for your inspections, financing options such as the FHA 203k loan, ect. For bank owned properties, you need to have an agent that is not only experienced, but also has the time to search and go show you a property as soon as it comes on the market because the bank owned properties that are in good condition and priced well below market go under contract quick.
Web Reference:  http://www.lowlistfees.com
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Al Waddell, Agent, Columbus, OH
Thu Jul 31, 2008
The best strategy is to find an agent who has eperience with short-sales. It is equally important to select an agent who is familiar with the neighborhoods in which you will be looking. Many HUD homes and short-sales are distressed properties. Most likely they will need some work. It is critically important that your agent be able to help you assess the amount of money you'll need to invest back into the property. And in today's market - what it will take to get it financed! There are some great deals out there but there are some that only appear to be a great deal. Knowing the difference is the the key to finding your perfect home. Best wishes!!
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Art Hotes, Agent, Cleveland, OH
Thu Jul 31, 2008
Unfortunately today those transactions are quite frequent. Interview your agent(s). That is the best way to determine that!

I would say that foreclosures & HUD owned properties are easier to go thru than a short sale, as there is no guarantee that the transaction will ever come to close.

Good luck to you!

Art Hotes ~ RE/MAX Classic
Web Reference:  http://www.ArtHotes.com
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Todd Orrill, , Pickerington, OH
Thu Jul 31, 2008
Hello Kelly, The best way is to interview the Real Estate Agent. Ask them a series of questions about the process and what do they know about HUD homes. Just about every Broker has access to HUD homes, but not every agent knows what is involved with the HUD or Short Sale process. You can also get advice from friends and family.

I would like to interview for the position. For a free no cost or obligation report the 10 questions to ask a Real Estate Agent and for my Buyer Guarantees visit my website or email me at Todd@ToddOrrill.com

Todd Orrill e-PRO
Keller Williams Greater Ohio Realty
Web Reference:  http://ToddOrrill.com
0 votes
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