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Answers (5)
- Denny Giza, "dennygiza"
- Contributions:162
Find yourself a good buyers agent who is familiar with REO,s.
- Kristin Hicks, "KristinAHicks"
- Contributions:7
Good morning - buying an REO requires an agent. Most banks will no longer sell outside of the MLS. They have asset managers to handle the heavy load, so if you want to purchase an REO of a HUD auction property,
hire someone who does it daily! A Realtor.
hire someone who does it daily! A Realtor.
- Dunes....
- Contributions:3894
@NYSERVICESRUS
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What is considered spam in Zillow Advice?
Zillow Advice is a place for Zillow users to discuss real estate topics (such as buying, selling, renting, and remodeling homes) and Zillow-specific topics (such as questions and comments about Zillow features). It is not a place for advertising. Any self-promotional content that is posted will be considered spam and will be removed by a moderator.
- Dunes....
- Contributions:3894
I'm assuming you know you can contact a RE Agent but maybe wonder if there is a way to Browse Foreclosure listings, acquire information about the Buying Process, who has the property listed ect. for FREE and without having to contact an Agent until informed enough to choose one wisely...
You may be interested to know the Government and the Banks have created websites for the public to use for FREE and to have current updated information about the Properties/Foreclosures/REO's available and information about the Process they use, available programs ect..
For the Government a person can use the Site they provide which provides links to all the Sites they have.... Homes for Sale
Sites like...Hud...Fannie Mae ect....
The Banks have also created sites like...Bank of America...Wells Fargo
Here are links to a few sites that provide the links to the Bank Sites
Link...Link...Link
I would also suggest checking out this site for finding Tax Sales, public Records....Free Public Records Directory
You may be interested to know the Government and the Banks have created websites for the public to use for FREE and to have current updated information about the Properties/Foreclosures/REO's available and information about the Process they use, available programs ect..
For the Government a person can use the Site they provide which provides links to all the Sites they have.... Homes for Sale
Sites like...Hud...Fannie Mae ect....
The Banks have also created sites like...Bank of America...Wells Fargo
Here are links to a few sites that provide the links to the Bank Sites
Link...Link...Link
I would also suggest checking out this site for finding Tax Sales, public Records....Free Public Records Directory
- Jim Paulson, "BoiseREbroker"
- Contributions:327
Most REO's are listed by real estate brokers. Therefore, just team up with a good buyer's agent that understands the REO market and go forward. Key things to consider in selecting an agent for these would include:
1) Have they been trained in foreclosures? For example, the National Association of Realtors has a certification called the SFR for Short Sale and Foreclosure Resource. FYI, I have that certification.
2) Knowledge of special finance options. (i.e. if it is a Fannie Mae Forclosure, they offer special HomePath and HomePath Renovation loans on some of their properties)
3) Knowledge of Rehab programs (FHA 203K, conventional rehab loans and HomePath Renovation loans) because some REO's have been trashed!
4) Comfortable using digital communication (many REO offers are negotiated online via scanning and emailing offers.
5) Digital signatures. Some REO's are priced to sell within 30 days, so it is not uncommon to have multiple offers come in quickly. The quicker you can get yours in, the better your chances of not getting beat out.
6) Ability to get email updates automatically when new listings meeting your criteria hits the market.
7) Also, most REO properties will not even consider your offer unless you have a signed current loan approval letter (sometimes from the bank/institution that foreclosed the home (i.e. Bank of America).
etc., etc., etc.,
This is a good start for such a quick question. I could go on for pages.
I would be glad to go out and show you some that meet your criteria and I can educate you while we are out touring if you are not already under a buyer representation agreement with another local Realtor!
Hope that helps!
Sincerely,
Jim Paulson, CRS, GRI, EPRO, SFR
Owner/Broker - Progressive Realty Corp.
[contact info removed by moderator]
1) Have they been trained in foreclosures? For example, the National Association of Realtors has a certification called the SFR for Short Sale and Foreclosure Resource. FYI, I have that certification.
2) Knowledge of special finance options. (i.e. if it is a Fannie Mae Forclosure, they offer special HomePath and HomePath Renovation loans on some of their properties)
3) Knowledge of Rehab programs (FHA 203K, conventional rehab loans and HomePath Renovation loans) because some REO's have been trashed!
4) Comfortable using digital communication (many REO offers are negotiated online via scanning and emailing offers.
5) Digital signatures. Some REO's are priced to sell within 30 days, so it is not uncommon to have multiple offers come in quickly. The quicker you can get yours in, the better your chances of not getting beat out.
6) Ability to get email updates automatically when new listings meeting your criteria hits the market.
7) Also, most REO properties will not even consider your offer unless you have a signed current loan approval letter (sometimes from the bank/institution that foreclosed the home (i.e. Bank of America).
etc., etc., etc.,
This is a good start for such a quick question. I could go on for pages.
I would be glad to go out and show you some that meet your criteria and I can educate you while we are out touring if you are not already under a buyer representation agreement with another local Realtor!
Hope that helps!
Sincerely,
Jim Paulson, CRS, GRI, EPRO, SFR
Owner/Broker - Progressive Realty Corp.
[contact info removed by moderator]
How to buy a REO Property ?
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