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Finding a realtor that specializes in buying foreclosures.

I'll be a cash buyer (not investor) looking for a $50-75,000 NE Dallas area (Richardson.Plano, Garland,etc) home. Most of what I've seen on Zillow are bank owned or auction foreclosures in that price range. The realtor that has sold my current home doesn't like to do this kind of deals.(too much work vs commission). How do I find one that specializes in this type of work?
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October 02 2013 - Northeast Dallas
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find a realtor who specializes in working with investors.... They are out there.   
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October 03 2013
Find the pro first who will be willing to work with you.  They will know the current status of everything in the market.  Many times 3rd party sites like Zillow are not up to date for various reasons.
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October 03 2013
You can go to www.shortsalesuperstars.com to find a short sale and REO specialist that works with buyers. In general, most Short Sale Specialists work with sellers, but there are some that work with both buyers and sellers and specialize in Short Sale and REO (Banked owned property). If you feel this answer is helpful, please don't hesitate to mark it as best answer :)
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October 03 2013
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Thanks for all the replies... Except for 'fire damage', major foundation or roof issues, I would want a "fixer-upper". I've done a lot of those type projects over the decades with past homes. I'll just need to further educate myself as to how to find the properties. Two that were listed here on Zillow were already long off the market yet showed as a current listing so that was why I was looking for the help of a pro. I'll just keep 'plugging-away'.
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October 03 2013
Be patient and honest with your Realtor. Communication is a must.
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October 03 2013
I don't think foreclosures are extra work.  Short sales are.  Foreclosures can take a while longer.  It's probably the commission issue that is the crux.

It does take more time if the buyer is not an investor and looking for something close to move in ready.  It could take 20 properties until you find something that meets expectations.

With foreclosures I prefer to work with investors.  They run in and out quickly and can estimate their costs on the fly.  I don't have to hold their hand and point things out to them.

Folks looking for a "deal" often do not realize the initial price may be a deal but you still have to invest money to do rehab and repairs.  It's often a reality adjustment.
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October 03 2013
If you're a cash buyer and buying to occupy a home, a HUD foreclosure is an option.  I regularly work with buyers looking for foreclosures, both investors and owner occupants.  Work most areas of DFW.  Focus mainly in the Irving, Grand Prairie & HEB area, but have worked east Dallas, Richardson, Plano & Garland.  In this market, a $50-75k home will need a lot of work.  A bigger challenge with a strong seller's market is finding a house where you don't have to offer $10k more than the asking price.  I've also seen on the auction sites where the final bids are well over the asking price.  I am an authorized HUD broker as well working dealing with other government and bank foreclosures.  Feel free to call me at [contact information removed by Zillow moderator] if you want to discuss further.
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October 02 2013
I think what you have to understand is there were only 2 homes sold in Plano for $50,000 or under in the MLS over the past 12months.   So you may scare people with that number.   One of those was a condo and the other was about 800sqft.   Is that what you want?

All of the ones sold in Richardson...something like 5 were condos at $50,000 or less.

Garland may open a lot more doors......even when you go up to $75,000 in Richardson and Plano there are not a lot that have sold in this range and you may be in for a full rehab at that price.
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October 02 2013
Unlike VINCE, I know that there are plenty of agents that help buyers in these circumstances. They do not discriminate based on the $ value of the transaction. 

I do not know agents around Dallas like I do Houston or I would refer you to someone specific.  Look up EXIT Realty Metro in that area and ask for help with them.

The trouble is that foreclosure is a buzz word and therefore lots of traps in looking for a deal like that without representation.  Are you buying a home or a home with a sizeable lien on it?  Many of these homes are just startin gthe foreclsoure process and may never even get foreclsoed but the websites liek to advertise that they may get foreclosed.  Well you want to buy now right, not maybe after foreclosure and eviction.  ANyway, I have sold homes in my area that are REO (bank owned) a=on both sides of the transaction from as low as $15,000 and up to $400,000.  They both got my 5-star service.



Good luck on your next purchase.


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October 02 2013
Generally YOU do the work, and you reap the rewards..... check out sites like this one...., or Hubzu, Foreclosure.com, etc

'Foreclosured' properties are typically sold as a REO, via the MLS or at auction, no agent involved.

Good luck.
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October 02 2013
 
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