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Answers (5)
- Joseph Baylis "New Jersey", "jbaylis"
- Contributions:12
The best advise is to find a local agent that has REO listings ( Real Estate Owned) . Any agent that has bank listing could help you find any other listings.
- Michael Emery, "MikeEmery"
- Contributions:7298
If your agent has done even one REO sale they have experience. Obviously the more the better. The key to submitting a successful offer on a bank owned home is making sure everything is in order with all necessary forms properly filled out and submitted in a timely fashion.
But even with the best agent, you may well be competing with multiple offers. In one sale I did last year, the listing agent told us an offer was forthcoming and the first offer to cross his desk would be the first one submitted. I think we beat out the other offer by less than 12 hours and my client got the house - and a great deal!
But even with the best agent, you may well be competing with multiple offers. In one sale I did last year, the listing agent told us an offer was forthcoming and the first offer to cross his desk would be the first one submitted. I think we beat out the other offer by less than 12 hours and my client got the house - and a great deal!
- Nicholas Ribeiro, "NicholasRibeiro"
- Contributions:1807
Look to see who the listing agent is on the foreclosure listings in your area. Usually there are a few REO agents in each area and all are familiar with the process.
- Craig Fialkowski GRI ,CDPE, "craigfial"
- Contributions:572
Any agent can help you. The challenge we find with Bank Owned foreclosures is the selling agent.
Many times the Banks agent is non responsive or there may be title issues that take longer to clear that delay closings.
Don't worry so much about the type of transaction, be more concerned about hiring an experienced agent with several years under their belt.
As I mentioned, many times, when I represent a buyer, there are things that are uncontrolable and all we can do is stay on top of thengs to make sure they are being done properly.
All the best!
Many times the Banks agent is non responsive or there may be title issues that take longer to clear that delay closings.
Don't worry so much about the type of transaction, be more concerned about hiring an experienced agent with several years under their belt.
As I mentioned, many times, when I represent a buyer, there are things that are uncontrolable and all we can do is stay on top of thengs to make sure they are being done properly.
All the best!
- Darrell Self, "Darrell Self"
- Contributions:349
You could search for an agent with a CDPE or SFR certification would be a good place to begin.
What is a good resource for finding an agent with experience in foreclosures?
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