If I have sufficient cash to make a full payment for a listed forclosure, can I / my agent deal with the bank

Asked by Gaby, Thu Apr 17, 2008

directly to get a better price? (short sale)

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Lisa Cartola…, Agent, Oakland, CA
Sat Apr 19, 2008
Bank owned properties are typically listed the same way a non-bank owed property is. The bank will have a listing agreeement with the listing agent. Typically there is a lot of work done on the listing agents behalf to prepare the home to put on the market.

Often times when a home is vacated after the home has been foreclosed, there is a lot of trash to clear out, the houe needs to be cleaned, re-keyed and the listing agent is responsible for completing a Broker Price Opinon that gives the bank the recommendation for what price to list the home for.

Also the listing agent has a relationship with the asset manager from the bank who is resposible for the sale of the home. Often times these asset mangers do not want calls from other agents they are not directly working with.

I would suggest you deal via the listing agent for the purchase of a foreclosed property. Becuase you have an all cash offer, this will definitely be attractive to the bank.

That being said, be prepared to be patient. Every bank has a different work load and sometimes things move quickly and sometimes they don't. I am working with a buyer and we put in an offer for a foreclosure and because we had to wait for title to be cleared it has taken a couple of months.

I would suggest you talk with your Real Estate Agent. Not all agents are familiar with bank owned properties and the learning curve can be significant.

If you have any questions regarding the process, feel free to contact me. I work in the Oakland and Berkeley area and are familiar with many of the listing agents for bank owned properties.

Take care,

Lisa Cartolano
Alain Pinel Realtors
Check out my blog, Real Estate News Without The Schmooze at http://www.NoSchmooze.com
Web Reference:  http://www.LisaCartolano.com
0 votes
Cassie Davis, Agent, ft worth, TX
Thu Apr 17, 2008
Hi Gaby, if the house is already listed, it's best for you and your agent to work with the bank's realtor on the short sale. If the house is not on the market, then work with your realtor to locate the bank's information. Good luck to you.
0 votes
Laarni G. Om…, , Orange County, CA
Thu Apr 17, 2008
Hi Gaby,

Definitely!! Cash is mighty these days. See if you can find the bank/owner through the title company. Your agent should be able to do that. But do not expect the bank to bend over backwards to sell this property. They will still do their due diligence and BPO and sell it close to its market value as posiible.

Good Luck,
0 votes
Renee Rienas…, , Ann Arbor, MI
Thu Apr 17, 2008
Sometimes you can deal directly with the bank, and other times the home is already posted on the MLS. Dealing with the bank can be a lot of detective work on the part of your agent, but if persistent, he/she will be able to find the right person to talk to. Good luck!
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