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Answers (9)
- James Callas, "ABBAUSA"
- Contributions:957
www.Realtytrac.com
is the premier site to view all types of foreclosure and at all stages.
You can contact a Realtor© directly within that site.
Be careful some areas are ruined because of so many foreclosures in one neighborhood.
Do your homework before jumping in.
Good Luck!
James Callas - Realtor®
is the premier site to view all types of foreclosure and at all stages.
You can contact a Realtor© directly within that site.
Be careful some areas are ruined because of so many foreclosures in one neighborhood.
Do your homework before jumping in.
Good Luck!
James Callas - Realtor®
- Kent Richards, "Kent Richards"
- Contributions:205
There are Realtors who have had the classroom time, and the exposure to dhort sale purchasing. If you have the patience to wait for the banks to approve the asking price of the home as well as your offer, you may still find it a bargain. Some real estate designations and certifications are: SFR, CDPE.
- Winfield Parkins, "teamleaderwin"
- Contributions:50
Are you looking to buy foreclosures before they hit the MLS or after? That's where the big difference comes in.
In our area, if you are looking to buy a foreclosure hot off the courthouse steps, you will need to pay cash and unless the angry homeowner is willing to let you in before it's foreclosed, you may have to buy it sight unseen.
If you are looking to buy a foreclosed home that has been fully processed, cleaned out and potentially repaired, then you can use any experienced agent. Buying from a bank is not a whole lot different than buying from a private owner. The small differences are covered in the bank addendums, but the rest of the process is the same (except it usually take the bank 10x as long to respond as it does a private owner).
In our area, if you are looking to buy a foreclosure hot off the courthouse steps, you will need to pay cash and unless the angry homeowner is willing to let you in before it's foreclosed, you may have to buy it sight unseen.
If you are looking to buy a foreclosed home that has been fully processed, cleaned out and potentially repaired, then you can use any experienced agent. Buying from a bank is not a whole lot different than buying from a private owner. The small differences are covered in the bank addendums, but the rest of the process is the same (except it usually take the bank 10x as long to respond as it does a private owner).
- workabee
- Contributions:1030
Ask one question of your broker...do you like cheese? That'll give you more usable info than asking about some pay for alphabet letters NAR class.
- Lola Walker, "LolaWalker"
- Contributions:11
Ask one question of your broker: are you certified as a SFR -Short Sale and Foreclosure Resource by National Association of Realtors?
- Ryan Halset, "RyanHalset"
- Contributions:730
Absolutely. I would interview a few in your area and you'll get a feel of who knows what they're talking about and who doesn't. It takes patience because you'll usually need to see a lot of properties to find one that works for you. Other answers to your questions...with a short sale - allow up to 6 months. With a bank owned/REO property - it shouldn't take more than 45 days to close after you have an accepted contract. Assets needed...less if it's a Fannie Mae Home...and some banks offer special financing options if you use them...but if you have enough for a normal purchase - you'll be fine.
Go for it if you're interested - at least you'll learn about the process and find out if it's right for you!
Go for it if you're interested - at least you'll learn about the process and find out if it's right for you!
- Jim Flanagan, "TomsRiverRealtor"
- Contributions:44
Muhawk,
Unfortunately, there is nothing "typical" when it comes to buying a "foreclosure" or "distressed property". Time frames can range from just a few weeks for REOs (real estate owned) to many months for "short sales". CASH is KING but financing is still a viable alternative in this market!
Your best bet is working with a local real estate expert experienced in the ways of the banks, asset managers and broad listing brokers. Anyone can, and does, advertise themselves as a "Foreclosure Specialist". I would call, or e-mail, a few local real estate brokers (with companies you have heard of) and ask to speak with someone that has at least an "SFR" Certification. If they don't know what that is, move on to the next!
Great timing! Good luck,
Jim
Unfortunately, there is nothing "typical" when it comes to buying a "foreclosure" or "distressed property". Time frames can range from just a few weeks for REOs (real estate owned) to many months for "short sales". CASH is KING but financing is still a viable alternative in this market!
Your best bet is working with a local real estate expert experienced in the ways of the banks, asset managers and broad listing brokers. Anyone can, and does, advertise themselves as a "Foreclosure Specialist". I would call, or e-mail, a few local real estate brokers (with companies you have heard of) and ask to speak with someone that has at least an "SFR" Certification. If they don't know what that is, move on to the next!
Great timing! Good luck,
Jim
- Lynne Cole, "Top Agent in Area"
- Contributions:18
Most foreclosures also include some type of available financing. Fannie Mae offers Home Path Mortgage financing on many properties.
- Lynne Cole, "Top Agent in Area"
- Contributions:18
Look for brokers who advertise REO or bank owned properties in their listings.
How do I take advantage of the foreclosure marketplace? Are there brokers who specialize in this?
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