I am looking to purchase a foreclosure home, what constitutes as a good foreclosure agent?

Asked by Pandar, Los Angeles, CA Wed Jun 10, 2009

I was with an agent that would show me properties and email me listings, but some of the great properties would come up as pending either on the afternoon they went live or within a day or two on the MLS.

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Maria Morton’s answer
Maria Morton, Agent, Kansas City, MO
Wed Jun 10, 2009
Many agents have investors that we work with regularly. Some on retainer. Some just clients who buy several homes every year. We often run into buyers who say they want a foreclosure but are not really prepared to follow through. If you discuss your plans with me and we elect to work together under a Buyer's Agency Agreement, I begin that day (or night). You're on my list. Every morning I check the MLS for new listings that fit my buyer clients' needs. I also check for new competition for my seller clients. When I find a good value house that fits my buyer client, I call. They need to respond quickly by answering their phone and meeting me at the house ASAP. I will give them my professional opinion. We will write a contract. I will present it immediately. I will deliver the EMD check as soon as the offer is accepted. Clients who take too long to call me back, can't arrange to meet me in a timely fashion, or choose to disregard my advice and opinion will not get the house they want. I can only afford to spend so much of my time with clients like this before I have to let them go. I don't know your agent but if they have experience selling REO's, they know that the good deals go fast. If your agent has been selecting and showing you good value properties and you have not responded quickly, you may wish to change your tactics. If the agent is not showing you properties that are moving quickly, you may wish to discuss your expectations with your agent.
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Richard Schu…, Agent, Los Angeles, CA
Wed Jun 10, 2009

You need an agent who has a strong track record of selling foreclosed homes for buyer clients. An agent who has sold a lot of REO properties can navigate you through the quick offer process of an REO, they can guide you through the addendums, take you through the inspection process, and help you close on the deal. They can also give you the added bonus of knowing a lot of the REO listing agents and perhaps getting information or advantage in a multiple offer scenario. I've sold over 30 REO properties in the last 12 months, and I'd like to meet with you, to show you how I can help you. When there are multiple offers, my clients win and get the house. (not everytime, but most of the time)

Richard Schulman
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Vicky Chrisn…, Agent, Purcellvile, VA
Wed Jun 10, 2009
Well, your "problem" and your question aren't necessarily related. I know that LA, much like my market, is very competitive for the best deals. You should also know that homes that are priced well see multiple offers and often sell above list price. It sounds a bit unusual that within 1 or 2 days a bank owned property would go under contract; I find that takes a week even if they get multiple offers on the first day it's listed. Below is a post that explains the types of transactions you'll find out there; and you can click on the links for even more detailed information. But, be prepared to move quickly when a house comes on the market that you might like. Make sure you're getting the alerts about new listings that fit your criteria right when they come on the market; and then plan on seeing it right away and being ready to write an offer on the spot if it is the right house. Understand you may end up writing on a few before you get a contract ratified. If there are 5 offers on a property, you only have a 20% chance, and the way to increase your chance is to prepare a strong offer.

To answer your question... I'd say a strong "foreclosure" agent is one that understands the differences between foreclosures and other types of sales and can guide you accordingly. By reading the blog below, you will be able to ask educated questions and know that you're dealing with a pro.

By the way, the reason I have a clue about the LA market is because I have an agent out there that I exchange quite a bit of business with. He's excellent, and the people I've referred him to become his friends. If you'd like a referral, please email me with your name and contact info and just a bit about the type of home you have in mind. If it fits his business model, I will put you in touch.
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