Do I really need to find a REO agent or will a regular real estate agent suffice if I want to buy a REO/foreclosed/auction home?

Asked by YoungBuyer, Denver, CO Sat May 4, 2013

Anyone specialize in this? References? Thanks

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5
The Dixon Gr…, Agent, Denver, CO
Sat Jul 20, 2013
As long as your agent has experience dealing with the banks, you will have no problem. Buying a foreclosure can be a very long and drawn out process, so you want to deal with a professional who knows how this all works. Many agents claim they are Foreclosure experts, but the real creative and peristant agents are the ones who get you an amazing deal. Are you still looking?


Team PowerHouse Denver
0 votes
Robert McGui…, Agent, Denver, CO
Mon May 6, 2013
YoungBuyer,

Good to see you again here. You don't need an REO Agent to buy a foreclosed home. Most of the actual REO bank rep agents I know don't work much with buyers. They don't have time. A good, experienced Buyer Agent who has worked successfully with buyers purchasing REO's is what you want. Most of the sales I did in Green Valley Ranch were REO's other than some short sales and some HUD foreclosures. Let me know if I can help you further.

Robert McGuire
Broker/Consultant
Your Castle Realestate
http://about.me/robertmcguire33
0 votes
Angie Dziurg…, Agent, Denver, CO
Sun May 5, 2013
The simple answer is no. However, it is helpful to have an agent who has experience negotiating with banks and their agents. Bank owned properties are not as plentiful in the Aurora market as they once were. I would recommend looking at all reasonably priced homes.

Definitely obtain the services of an agent! Many properties in the Aurora area are under contract before they are marketed on the public sites. This is simply because buyer's agents are searching the MLS multiple times daily for their buyers so they can be one of the first to see the homes. It takes a little time for the listngs to feed to the public sites, but the agents have access immediately once the listing is entered into the MLS.

Angie Dziurgot, CDPE
Equity Colorado Real Estate
0 votes
Suzanne MacD…, Agent, Succasunna, NJ
Sun May 5, 2013
Anyone can help you, but an agent with either the SFR (Short Sale and Foreclosure Resource) or CDPE (Certified Distressed Property Expert) designations have been trained in the ins and outs of short sales and REO properties purchases and sales. I would recommend looking for one or both of those designations.
0 votes
Terry Bell, Agent, Santa Rosa, CA
Sat May 4, 2013
Most agents are well versed at this point to act as buyer's agents for bank owned properties or short sales, however, agents that advertise the REO designation, have taken extra classes and often have REO listings with a lender as a result of their efforts. Right now, most of the market seems to be back to regular sales and short sales out here in Northern California, so you'd better get going and start talking to agents soon before these low interest rates start to go up! Just click on the top of the Trulia Bar above, where it says "Find a Pro"!
0 votes
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