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HOW DO I FIND A FORECLOSURE IN AN AREA?

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May 26 2011 - Town of Boothbay Harbor
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Agents will "Offer" to help you find another Agent...This is because Many of them if not all pay each other for  "Referrals "

"Referral Fees from One Brokerage to Another and Agent Split"


"Referrals come "off the top" before commission is split. The referral is a negotiated percentage paid to another company for sending a client, either as a seller or a buyer. Here's an example of a typical buyer referral:

1. Brokerage A has a client selling their home and leaving the area. They refer the buyer client to Brokerage B in another state with a written referral agreement at a certain percentage of the final commission earned by Brokerage B.

2. Using the $12,000 gross commission from above, and an agreed referral fee of 25% would give Brokerage A $3000 for the referral, and Brokerage B's agent and broker would split the remaining $9000.

3. Using the 50/50 split from the first example would yield $4500 for the agent in Brokerage B."..Link

Might wish to consider the above when they are telling you they don't discount Commissions..they can pay 25+% for referrals but Discount the Commission to You????
How dare you ask!
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May 26 2011
Thanks for your question "LIVINGMARM",

I would suggest contacting a local Realtor, they are the best source for foreclosure info and can best represent your interests.  A Realtor with foreclosure experience would be preferred but not required.

If you need a referral, let me know.

Good luck, hope this helps.
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May 26 2011
Profile picture for Dunes....
You could make use of the Fed Gov and Banks Sites they have created to allow the Public to view their Properties for Sale/Foreclosure/REO..Get a feel for Prices and different Options

Sites like...HUD Homes...Fannie Mae
You can find the links to all the Gov sites here...Link

Bank sites like....Bank of America...Wells Fargo
You can find links to Bank sites here...Link

For finding Public Records, Property Records, Tax Sales posted ect. you may find this Public Records Search Engine helpful...Check it out
Free Public Records Search Directory


Another thing I would check out is the Fed Gov. site which has all the current available Loans they provide..FHA/HUD/USDA/Vet ect..
You can get specific information, compare options, or take a short questionnaire to determine your eligibility for each program.
Fed Gov. Loans

Also...

Competing Models of Real Estate Brokerage

"Ten states forbid buyers' brokers from rebating a portion of the sales commission to the consumer. Eight states require consumers to buy more services from sellers' brokers than they may want, with no option to waive the extra items. HUD recently clarified its rule that rebates are permissible under RESPA as long as they are reported on the HUD-1 form." Competition and Real Estate...
Consumers can save thousands of dollars in commissions

States that ban brokers from offering rebates




Choosing an RE Agent or a Lender is a MAJOR Decision so Remember RE Agents/Lenders are SELLING Services for Money not doing good deeds...
Protect yourself...Become informed so you can make Wise Decisions starting with being knowledgeable enough to Select and HIRE the Services of a Agent or Lender who will provide you the Services you need. Some are Good and some are Bad so be informed enough to tell the difference

There is a Ton of Information available...Mine it and profit from it.
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May 26 2011
Hello Livingmarm,

Foreclosures and short sales are everywhere, my question to you is why do you want to specifically find a distressed property?  Is it because of a perceived savings that you might get over a conventional property?  Are you a cash buyer and/or investor that doesn't need a lender appraisal?  If not are you aware of the hoops you need to jump through in order to finance a property that may not be judged worthy by a lender?  I think a better bet would be to find a great buyer's agent who can work with you to find a property that is suitable for you and in your price range and then determine if it is a short sale or foreclosed property.  If it is distressed, he or she can guide you through from offer to close as seemlessly as possible.  Good luck to you! 
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May 26 2011
 
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HOW DO I FIND A FORECLOSURE IN AN AREA?
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