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Asked by Susan, mpls mn Thu Dec 25, 2008

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Answers

11
Susan Hoffla…, Agent, Shoreview, MN
Fri Dec 26, 2008
Hi, Susan!
Important to have an agent that knows their way around the specialties of these types of transactions because they are different than a transaction with a willing buyer and a willing seller. Perhaps even seek out an agent who specializes in buyers. As I've been reminded by several listing agents out there, the banks are not really caught up with how the real estate process works, so it can be a difficult and LONG process. Good luck!
Web Reference:  http://www.homestosellmn.com
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Scott Godzyk, Agent, Manchester, NH
Thu Dec 25, 2008
Not at all Susan, It is more important to have an agent that is experienced with foreclosures to advise you correctly how to make the offer, what to ask for, what not to ask for, help you with the terms and making an offer at a reasonable price. Sometimes terms are more important to a bank then price, so dont ask for anything especially if there are other potential buyers with bids. The banks dont care who teh agent is, just how well written the contract is. good luck with your offer.
Web Reference:  http://www.ScottSellsNH.com
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Dallas Texas, Agent, Dallas, TN
Thu Dec 25, 2008
NO banks dont know agents only searching for contracts which comply with lender restrictions for submitting offers. Bank makes decision based on YOU AS A BUYER, not agent representing you. GREAT QUESTION
Web Reference:  http://www.lynn911.com
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Dave Taurins…, , Minneapolis, MN
Thu Dec 25, 2008
Hi Susan,

Well known?....Speaking from both a consumer side and from the side of a home inspector that sees and hears the interactions of many real estate agents my advice is "well known" is not what is really important. There are some well-known agents that don't do their clients a good and honest job, of representing them and some rookie agents that do a great job. I have bought over 15 foreclosed homes from many different agents and the most important thing to look for is an honest, hard working agent that will represent you and your interests. Contact me and I will go into more detail but for example, make sure they pull comps for you no matter what the price of the foreclosure is. You will never know if that price is in the ball park for what has actually sold recently unless you look at what comparable houses in the area have sold for. I have been on an inspection recently and the offer on the house was over $20,000 more than a similar house just 3 houses away. So be careful. Also even more important get a home inspection! I'm not asking you to use me but get a home inspection by someone good that knows foreclosure homes really well. There are some questions you should ask when buying a forclosed home. They have some very unique problems that many inspectors don't even know about or look for. I mean structural problems, serious stuff. So be careful about that as well. If you would like more information you can visit my web site or call (612) 701-9672. The help is free. I do this for people all the time. I would rather you buy a house wisely that get ripped off.

Take care,
Dave
0 votes
Cameron Piper, Agent, Forest Lake, MN
Thu Dec 25, 2008
Susan,

Look for an experienced agent that your are comfortable with first, a person who knows REO transactions second, and finally someone who works for a reputable broker. However, I would put very little stock in the last since every broker has the good and bad apples.

The reason you look for someone who is honest, reputable, and makes you comfortable first is because this is the largest investment of money the majority of people make. An agent that has these traits will know how to work with REO transactions or if they don't they will be honest about their shortcomings and know where to get the help.

Good Luck.

Cameron Piper
Web Reference:  http://www.campiper.com
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Brad Fox, Agent, Minnetonka, MN
Thu Dec 25, 2008
Susan -

I would agree with the others. It is more important to find an agent with experience in forclosures than any spacific company. There are a lot of bad agents that work for large companies and some great agents that work for small companies. I would suggest you interview a couple of agents and chose the one you feel has the experience and knowledge to help you with your spacific search. It is also importan to find an agent that you feel comfortable with. The forclosure purchase process can be long and very involved. You will want to choose someone you trust and you know will continue to work hard for you throughout the process.

Some agents develope the inside track on upcoming forclosures. It can be a fast moving market. For example, I work with a lender that is aware of about 250 foreclosure properties that will be available in January. Information like that can help you see homes before they hit the MLS.

Just my two cents...

Good luck with your search! Let me know if there is anything I can do to help!
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Aaron Dickin…, Agent, Champlin, MN
Thu Dec 25, 2008
I agree with the answers below. Even though I work for a "well known real estate agency" there are many people in my company that have absolutely no experience with foreclosures or short sales. The only difference might be that the bigger brokers have more robust support systems for agents when they have questions/problems arise in a transaction.
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Lenny Frolov, Agent, Brooklyn Park, MN
Thu Dec 25, 2008
Carl is absolutely right, an experienced REO agent (not the listing agent) is going to be able to help you get the most value out of the transaction and ensure all timelines are followed correctly. What agency company they work for has no bearing on the transaction.
Web Reference:  http://www.lennyfrolov.com
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Ben Johnson, Agent, Minneapolis, MN
Thu Dec 25, 2008
I would be happy to discuss the process with you
Web Reference:  http://YourUrbanRealtor.com
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The Medford…, Agent, Fremont, CA
Thu Dec 25, 2008
Susan:


The issue is not a “well-known” agency” – it’s using an individual realtor who has a lot of REO experience. You want a seasoned individual for the following reasons:

1. REOs use different forms and addendums – you need someone who is familiar with these.
2. You will be buying “as-is” – you need someone who can properly assess properties while you are looking at them.
3. Contingencies are typically much shorter – you need someone who can get everything done very quickly.
4. Banks negotiate pricing and terms by email – this is much different than a normal transaction.

These are just a just a few examples – there are MANY more reasons to use some experienced in representing buyers with REOS.

Hope this was helpful.
Web Reference:  http://www.carlmedford.com
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T.E. & Naima…, Agent, Dallas, TX
Thu Dec 25, 2008
The name of the real estate agency has no significance in any transaction. It's the individual agent's experience that counts. This is true if you buy a foreclosure or any other real estate.

Naima
0 votes
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