Profile picture for vansan

can any realtor look for foreclosed and pre forclosed homes or are there ones that specialize?

looking for bank short sales and preforeclosures. Can any realtor search for these or does it require different memberships etc.?
  • July 21 2009 - Newtown
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Answers (11)

Hi vansan, if the property is a listed foreclosure or listed short sale, than a realtor with access to the MLS can help locate those for you.  However, if you're looking for foreclosures that haven't been listed yet, or pre-foreclosures where the seller hasn't decided to short sale, try getting on foreclosureradar.com.  It's a great resource, it will cost you $$, but it really depends on how you want to pursue buying these properties.  

Best, Caroline
  • September 30 2010
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Any realtor? NO!
Deal directly with the bank and get a real good Real Estate Attorney ONLY.
Special note: Do not sign a waiver.
  • September 30 2010
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Any agent can search for them.  However, if an agent does not have experience in these type of sales, the process can get complicated.  It takes someone with drive and determination to stick with all of the details.  Interview your agents wisely if this is what you are looking for.  
  • September 30 2010
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Profile picture for RobRosa
It definitely depends upon the experience and knowledge of the real estate agent.  In fact, many agents do not how to handle these transactions.  Make sure you interview agents and discuss their strategy, also make sure they will be a good fit for you.
  • September 29 2010
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Profile picture for The Vanderblue Team
There are many ways to get access to information on foreclosures and preforeclosures...websites such as realtytrac. realtystore,..bank websites...links from real estate companies...the important piece though is to allign yourself with a Real Esate team that KNOWS the process, understands the systems that must be followed as well as the "real" market values...from the hunters, to the negotiators to the financial analysts, to the property managers, to the attorneys. You need a strong and synergistic group of professionals. Take your time do it right. There are plenty of opportunities...keep in mind that a vast majority of properties that go into foreclosure, never make it to the market. Home Owners need help more than ever before. They need professionals to help educate them. Earn their trust by explaining their options...then keep their trust by doing the right thing...If you are a realtor and you don't understand the process 11o%, allign yourself with someone who does...and watch them...hear them...learn all there is to know...don't assume or share info you are not 200% sure is actual fact. be careful...if you are buying for other people, this is their life..best of luck,,,julie
  • September 01 2010
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Any Realtor can absolutely help you with a foreclosure but there are also ones the specialize in that area. Now a days, we are all becoming a little more familiar with them.
  • August 27 2010
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Hi Vansen,



I am a realtor from way out of the area.



No you dont have to specialize in foreclosures.  Any realtor who has access to MLS can look for foreclosed or preforeclosed homes.

In California we have to be very carefull about short sales (pre foreclosures).  If you are intending to occupy you should be fine. Only once a notice of default has been filed do you need to follow special rules.  

You have to be carefull,  interview realtors ask questions make sure they will represent you.    One of the biggest things buyers dont undersand I think is you have the right to have your own representation.  The seller has his agent, some buyers think they will save money by using that agent that is not necessarily true.  The money you are paying covers all commissions.  So if you dont use your own realtor the selling realtor gets paid twice for you and the seller.

I have a clients who used a realtor that didnt know the area.  First thing I would say is use a realtor who know the area you are buying.  Each specific area may have items know to local realtors that realtors who dont cover that area wouldnt know.

Also, make sure you spend the money for inspections.  If your realtor doesnt automatically go over them with you ask about them.  Go on all inspections if you can.  

Im representing a seller, who when they bought this home it was their first home.  They didnt know about inspections, termite reports, additional reports etc.  they trusted their agent.  Now a few years later they found out that the neighborhood they live in has foundation issues.  All local realtors know about it.  Some wont sell in that area.  
The homeowner didnt disclose the info.
 
So your agent is there for your legal protection, dont look for one who says they will cut their commission and doesnt show your their value and knowledge.  
 
Good luck!!!  
 
Actually think about it even though you may be selling in a down market your buying in a down market as well.  There are lots of bargains.  
 
Can you rent your home or do a lease option for the mean time and go buy.  You can move up know to a larger home that would have been much more expensive a few years ago.  Maybe then it was out of your range buy now you can afford it.
 Please take my advice, dont max yourself out when you buy.  I help home owners modify their mortgage and some of them pay 60% or more of their income to their mortgage that is currently underwater. Shop smart use a realtor who has your best interest in mind not just closing a deal!!!      Regards,  JoAnna Jensen Pleasanton, CA
  • August 27 2009
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Any Realtor can find pre-Foreclosed properties IF they are LISTED for sale with another Realtor.  Most pre-Foreclosures never are even put up for sale, and the home owners don't want to be 'bothered' or helped.

Foreclosed properties are listed with Realtors and any Realtor can gain access to them. 

Yes some Realtors (such as myself), specialize in Foreclosure properties.
  • July 21 2009
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actually, a "lis pendens" would generally mean a future lawsuit. In most states, a lis pendens is not filed, but rather a notice of foreclosure, or a notice of trustee sale is filed.

And, any realtor can handle your purchase of either type. In fact, the bank will be talking with the seller's agent, not the buyer's agent so your buying agent, thus any agent promising special abilities has a lot of explaining to do!
  • July 21 2009
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There are realtors that specialize in REO's and short sales.  It's especially helpful to have a short sale specialist when negotiating as a buyer or seller.  There are many twists and turns that are not common with standard transactions.  You can Google short sales in your particular area, or if you'd like a referral, please contact me.
  • July 21 2009
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Any realtor can find the foreclosures that are MLS Listed. However there are many foreclosures that are not listed. You need to have access to lis pendens lists to find these.
  • July 21 2009
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