Are there real estate agents who focus or specialize in selling bank owned or foreclosure properties?

Asked by Mike, Royal Oak, MI Thu Apr 18, 2013

I'm looking for a condo in Royal Oak, Birmingham, Troy, or Bloomfield areas.

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Andrew Wagon…, Agent, Royal Oak, MI
Thu Apr 18, 2013
Yes, some agents just sell bank ownes and some understand the foreclosure process. I specialize in pre/post foreclosure and can identify homes before they are placed on the market.

If you would like to meet me for a consultation, I am available tomorrow 9-2.
Real Estate One - Royal Oak
Andrew Wagoner 734-637-5156
1 vote
Kathy Persha, Agent, Birmingham, MI
Fri Apr 19, 2013

More specifically, there are agent who specialize in "listing" bank owned properties. These agents are call REO agents. This type of agent, however, usually does not work with buyers. They concentrate on their listings from the bank's point of view, always trying to get the best deal for the bank.

There are other types of agents, like myself, who work with sellers who are underwater on their property or have a financial situation that forces them into a pre-foreclosure or foreclosure situation. The only way this type of seller has to sell their house for less than what is owed on the property. The only way this can be done is either for the seller to bring a large sum of cash to the closing to pay the difference between what the house sells for and what is owed on the mortgage. Or, the most common option is to sell the house on "short sale". In a short sale, the lender agrees to accept less than what is owed on the mortgage, hence the term "selling short" or short sale. This process can take anywhere from 2 months to over a week. Typical timeframe is 4 - 6 months.

If you would like to understand more about the foreclosure or short sale process, visit my website at Or if you would like a list of bank owned or short sale properties in and around the Royal Oak, Birmingham, Troy, Bloomfield areas, please call me or sent me an email. I live in Birmingham and have my office in Troy, so I know the area very well. I am also an investor and can advise on cap rate and cash on cash return if you are looking for an investment property. Good luck in your property shopping.

Kathy Persha, Broker
Nextage Advanced Realty
0 votes
Karen Paytas, Agent, Clinton Twp, MI
Thu Apr 18, 2013
Good Evening Mike,

In answer to your question, most agents have become familiar with selling foreclosed properties since the market melt down. It's more important for you to work with a buyers agent during the process and someone you are comfortable with.

I'd be happy to assist you in locating a condo in the areas you're interested in.

Just give me a call or send me a email and we can get started.

Good Luck,

Karen Paytas, GRI, CMS
Real Living Kee Realty
0 votes
P Aaron Jones, Agent, Royal Oak, MI
Thu Apr 18, 2013
Yes. What is more important is having an experienced Buyer's Agent (BA) that can get you into these homes as they come on the market. An experienced BA will help you to understand the process and extra forms that accompany a Bank Owned or Foreclosure purchase.
0 votes
Jeff Gushman, Agent, Plymouth, MN
Thu Apr 18, 2013
Hi Mike,

The team I work on has 23 years experience and has dealt many times with bank owned/foreclosure properties. We work as your advocate through the process, as buying a foreclosure home can be a little different than your standard home. We make sure our clients are comfortable the whole way through.

Please go ahead and send me an email or give me a call at the address/number below and I would be happy to answer any questions you may have.


Jeff Gushman
The Phillips Group
RE/MAX Home Sale Services
(248) 383-5542
0 votes
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