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Who handles a foreclosure for a buyer? Any agent? Or do I need a specialist?

  • October 09 2013 - Westfield
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Answers (13)

You need an agent with HUD keys and also registered as a HUD agent. I am both and Id be happy to help you if you give me a call.



Thanks
Samuel Rifkin
  • October 10 2013
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Any buyers agent should be able to help you on the search for foreclosure homes or short sale properties, one thing I do want to bring to your attention is that on the HUD foreclosure homes, make sure your agent has done the HUD homes in the past, and the reason I bring this up is, for an agent to do a HUD home they will need to apply with HUD.

Good luck!
  • October 10 2013
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Most Realtors who are buyers agents should be able to help you- there is one thing I want to bring to your attention, on a HUD foreclosure home make sure the agent has worked the HUD homes, the reason not all agents will have applied to do HUD foreclosures so make sure your agent has done them.

Good luck!
  • October 10 2013
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Use a Short Sale and Foreclosure  Resource specialist  titled SFR and certified in this area.  These SFR realtors are certified in this area and can navigate more efficiently through the steps and process.  Banks expect offers in a business case format with buyer mortgage pre qualification and or proof of funds.   
  • October 10 2013
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Despite what many people on here might say about this . I would contact the listing agent . There are no personal attachments with the agent and the seller since it is a bank no ones feelings will get hurt in the end . The listing agent will push the sale as hard as they can since they will make more money on it . A lot of listing agents can not be on both sides but sometimes they have someone as a partner they can have help you .
I myself do not list foreclosures but I do sell a lot of them
  • October 10 2013
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While it is true that any agent can help you buy there are a few things to look for. 

1.  Are they a Realtor® and are they full time?  (Any one licensed is an agent but a Realtor® is an agent that treats their profession seriously - follow the code of ethics and typically will be more serious about staying educated to best serve their clients. 

2.  Are they a buyer's specialist and are they familiar with foreclosures?  There can be many differences in negotiating and while just because they have taken "classes" doesnt mean they have experience in navigating the differences between HUD owned Homes, Freddie Macs, VA, Homepath and REOs.  Each will typically have their own time frames, contracts and deadlines.  An agent familiar with these will best be able to assist you with navigating it and keep you informed.  

3.  Are they a strong negotiator?  Knowing when/what to offer to secure the property so that you dont insult/kill the deal. 

4.  Do you like them?  Are they reachable during "reasonable" hours.  You will be relying on them a lot and spending a lot of time communicating. If you dont like your agent and cant see eye to eye, the next few months might be more challenging than it should be.

5.  And most importantly, hire  a buyer's agent to represent YOU!  The listing agent represents the seller/bank.  Secure this up front before you even look at the house.    

Hope this helps and good luck!
  • October 09 2013
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Are you looking to buy? Will you need a mortgage? Regards,
  • October 09 2013
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If you are buying a foreclosure, meaning that the bank has already taken possession of the property and it has been listed on MLS by an REO broker, then any buyer's agent will do. The process is usually cut and dry. The timeline for each step of the process will naturally be a bit longer, but the process will be very similar to other purchases.

On the other hand, if you are trying to accomplish a short sale, then I would suggest using a specialist. Even using the listing agent as your buyer's agent may be a wise decision. Without someone to guide you through every step of this process, things can get very frustrating for all parties involved. The very first deal I completed was a short sale, and the best advice I can give you is to be patient and realize that your time line for closing may have to be flexible. 

  • October 09 2013
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Yes, you need a specialist.  They have taken classes and continuing education on the subject of foreclosures.  They will also have the contacts needed for your purchase.  Best Regards
  • October 09 2013
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You should never hire "any" Realtor.  Make sure you hire someone who is truly full time in the business and has had experience in short sales and foreclosures.  Of course, make sure you hire someone you have confidence in as well.

Best of luck!
  • October 09 2013
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There are a few differences in buying a foreclosure verses an owner occupied property.  Any experienced agent should be able to navigate the process.
  • October 09 2013
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Any realtor should be able to help you with purchasing a foreclosure, but choose an agent you really like because you are probably going to talk to each other a lot, because foreclosures can take some time to navigate.  There is always a lot of additional paperwork when dealing with foreclosures so be prepared. 
  • October 09 2013
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Any real estate agent can handle the foreclosure. You may better to search for those realtors/brokers that have done short sale or foreclosures and are experienced in dealing with Banks/Lenders.
  • October 09 2013
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