I'm currently looking to purchase a home. Are there any advantages to going with a "foreclosure expert" vs a "normal"?

Asked by xeeker, North Royalton, OH Tue Nov 13, 2012


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Maria Gilda Racelis’ answer
Maria Gilda…, Agent, Manchester, CT
Wed Nov 14, 2012
Most likely, foreclosed homes are SOLD as IS. There are no room for negotiation. However, there are instances when banks will consider repairs or replacement and it is a case-by-case basis. The bottomline for the resiliency is determining if agreeing to repair request makes more economic sense than putting it back on the market.

There could be multiple parties involved in the decision making in foreclosed homes. But don't let this faze you. Nowadays, banks act quicker than what they used to be. Moreover, the bank's sales addendum supersedes the actual Real Estate Purchase Contract. So make sure you understand the fine print.

In a normal or traditional sale, you are dealing with the sellers--which, to many, makes it less complicated and simpler.

If you are working with a competent realtor, you will be guided throughout the process.
That is why it is important that you interview local realtors and take it from there.

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Bill Eckler, Agent, Venice, FL
Wed Nov 14, 2012
Purchasing a foreclosure is pretty much the same as buying any other regular sale home, with the exception being that the owner, in the case of foreclosures, is the lender.

In my opinion, "foreclosure experts" are probably those agents that work on the listing side of the transaction not the buying end. With this said, most real estate agents would advise you of the importance of seeking your own personal representation and not using the listing agent to purchase property. It's easily seen that in such cases, there could be a "conflict of interest" with agents working both sides of these transactions.

Hope this is helpful.

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Bob Kienast, Agent, North Royalton, OH
Wed Nov 14, 2012
The process for buying a foreclosure is not radically different from any other transaction. Unfortunately, almost all active agents now have experience in working with foreclosed properties. As an agent in the North Royalton market I can tell you that it has as much to do with the lender as it does the Realtor. foreclosurescan be a gamble. I just make sure my buyer has all the facts so they can make an informed decision.
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Suzanne MacD…, Agent, Morristown, NJ
Wed Nov 14, 2012
In my opinion, yes. Nothing is more likely to derail a short sale or foreclosure purchase than having anyone on the 'team' that does mot understand the process. These purchases can take a long time, they require more paperwork, and if you and your realtor are not prepared for that it can be frustrating and confusing. Last week, during Hurricane Sandy's aftermath, I met a short sale client twice in a parking lot to get paperwork signed, once we had a notary public in tow. Then the buyers' realtor and I arranged to meet, twice, to get signatures from everyone on their side. Unless you have someone who both understands such demands by the bank are not unusual and are willing to comply with those demands cheerfully these transactions can go bad quickly; My advice is to find someone with either the SFR and/or CDPE designations indicating they are the training and experience you need.
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