Home Buying in 07042>Question Details

Rosalinda, Home Buyer in Kerany

first buyer

Asked by Rosalinda, Kerany Sat Jan 24, 2009

Is foreclosure a bad option for the first buyer? My agent always discourage me when I show interest in. also, she never does any search over the houses for sale, I 'm the one that do the searchs and send the mls numbers for her, is this the right way? thanks

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Thank you all of you for the answers. Those were very helpful. I didn't sign any agreement with my agent. I already have a bank pre- aproval . I might have to look for another agent, she seems too busy.
0 votes Thank Flag Link Sun Jan 25, 2009
Hi Rosalinda,

First of all, most real estate professionals will agree, purchasing FORECLOSURE PROPERTIES ARE A PAIN because they can take so darn long to close. And you're burdened with extra costs not usually part of a "normal" real estate purchase.

I will not reiterate any of the comments made by other agents on this discussion since most are true and I would have to agree with them. However, you have to decide if you have the financial ability to withstand some losses if you decide to pay for some of the expenses that are involved with purchasing a foreclosure.

Your agent should not dismiss your interest in buying a foreclosed property, however your agent should disclose any of the consequences or conditions involved in putting out some of your money involved in this process. You have to decide if the property will be worth the extra expense and the wait.

Unfortunately, you need to find an agent who is not afraid of the foreclosure process because there is some "legwork" involved on the agent's end. However this extra work is not mandatory. Some agents wil leave the extra work to the homebuyer. I've been involved in helping my past clients visit the town's municipal complex to find permit records, and schedule town inspectors to come to the property. I've also helped clients prepare the property for inspections from the municipal. It's just the extra mile I tried to go through for my clients.

Not all agents will do this for you. But, to answer also your question about searching for homes, I find that this is a concerted effort between both you and your agent. There are lots of homes on the market today and in my opinion your agent should be providing you with home searches, but you too should be searching as well.

I'll tell you why this is important.

First, not every single home is listed on the MLS. Some are For Sale By Owners, some are "Exclusive" (the listing broker can sell the home without a buyer's agent - your agent). Sometimes, however, if you find a home you drive by and ask your agent to look into it, he should be able to at least reach out to the home seller, or agency listing the home and ask if they are open in working with his agency. This special arrangement is often accepted and gets you looking at homes that my not be listed in the MLS.

Remember, in real estate EVERYTHING IS NEGOTIABLE. Your agent should be going beyond and outside the "BOX" for you.

Hope some of this helps.

Carmelo Torres
A Home For Sale Realty
A Premier Statewide Real Estate Agency
Web Reference: http://www.ahfsr.com
0 votes Thank Flag Link Sun Jan 25, 2009
There are many factors involved in buying a house. Foreclosures that are in the "short sale" process can be very painful to all concerned. It may take longer than eight weeks to get the bank approval necessary to move forward and close (add in another 4 weeks after the bank agrees if a mortgage is involved). Foreclosures that are "bank" owned are normally sold "as-is", meaning you are responsible for the inspections and CO to move in to the house. That is O.K. if it is on public water and sewer but not a good idea for those with limited cash to pursue (do you have $700 to do a well test and are you willing to walk away from that $700 if it comes back needing a "new" well?).
The first thing you need is a good credit score for a pre-approval of the type of mortgage you seek. FHA is one of the best deals out there today. You only need 3.5% down and you can get the seller to help you with closing costs. Some "foreclosures" will require you to submit thru the owner (bank) for a pre-approval that they generate.
The next thing you need is a good agent. And, finally, you need patience.
Good Luck will help, too.
Web Reference: http://gregorybain.com
0 votes Thank Flag Link Sat Jan 24, 2009

Why does she feel they are a bad option? Are you willing to do some work? Foreclosures are not typically in the best condition. I often find that resale homes are a better deal in the end than foreclosures just because of the amount of work that needs to be done. But you really have to investigate each home individually before you can determine that.

Talk to your agent about your wants and how you would like to work with her. Hopefully you will get the results you want.

Good luck in your search.
0 votes Thank Flag Link Sat Jan 24, 2009
Maureen Fran…, Real Estate Pro in Birmingham, MI
Hi Rosalinda, by all means talk with your agent about your objectives and concerns. Foreclosures can be more difficult transactions to complete that others, and so it is good to enter the transaction with eyes wide open. There can be delays, and uncertainty. Talk to your agent, if you find that your goals and interests are in conflict, then make a change. But I'm sure she/he will appreciate your effort to discuss and allow adjustment.

Good luck and best,
Jeannie Feenick
Search and connect at http://www.feenick.com
Web Reference: http://www.feenick.com
0 votes Thank Flag Link Sat Jan 24, 2009

Foreclosure properties usually come with strings attached. In that most of them are distressed properties and need a lot of work and sometimes a lot of money to renovate especially if its a total rehab property. However, your agent should certainly have sat down with you and explained to you in full detail about foreclosure properties. Foreclosure are not very every buyer but it's not your agent's choice to make. It is your's and if you are not working with a full service real estate agent who is servicing your needs then I suggest you may want to find a new one. Perhaps your agent is inexperienced with foreclosure properties and that is why she is steering you away but either way it's your choice and not the agent's. Are you locked in with a buyer's agreement?

Today every buyer is on the internet searching through houses on realtor.com, trulia, etc...however that should not replace the services that your agent should be providing you. My buyers never have to send me a link to a property that they found because I provide them with priority service and they are the first to know when a new house comes on the market or a price reduction occurs. They don't have to search the internet or drive through towns. You should definitely NOT be sending your agent the listings. It should be the other way around.

If you have any questions or if you looking for a full service agent, please feel free to contact me directly.

Good luck.

Gina Chirico, Sales Associate
Prudential NJ Properties
973-715-1158 cell
0 votes Thank Flag Link Sat Jan 24, 2009

Please call your agent right now and tell Him/Her how you feel, if you are still not satisfied with their service contact the Broker of the company.
I really do hope you can resolve this problem, however if you need any help finding another Realtor, please contact me, I can put you in touch with a Century 21 agent in your area.
Thank you and Good Luck!!
0 votes Thank Flag Link Sat Jan 24, 2009
WOW, no realtors take your specifications work in concert with buyer. In some instances I do run across a "A type personality" that do search. However foreclosures have drama no fault with listing / buyers agent due to bank, rare exception that a bank foreclosure may not close on time and etc.

You might want too search for another agent however refer to buyers agreement contract if you were terminate your relationship.
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Sat Jan 24, 2009
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