FriendshipProperties's Discussions

If you mean a property thats already been foreclosured on, than your talking about a Bank Owned (REO). These are sold As Is and with strict contracts in favor of the Bank.  Most need significant repairs. Bring someone who can estimate those repair costs for you so you can decide if it really is a good deal or not.

If they had no Realtor, then that saved the bank 2-3% and netted them a higher offer.  Additionally the offer was Cash, which again was a stronger offer.  The problem with not having an Agent is you will not be able to gain access to the properties, and 99% of REO Agents will not show up to show you the property.  Those properties with multiple offers are usually lost-causes (someone paid too much), so I wouldnt worry about it.

Check the town assessment.  If you paid the 'assessed value' or less (usually 70% appraisal), then you can say you got a good deal!

One thing Zillow typically cant decifer is property condition, so zestimates are typically based on the avg. neighborhood condition of solds. If you house has a terible floor plan and/or needs complete rehab, the zestimate will be way off.  Generally on rehabs, the zestimate is closer to what the property is worth REMODELED.

IDX is a software/system agents use to display the MLS on their websites. If a property is not listed on the MLS, it is a ForSaleByOwner (FSBO), and a Buyers Agent may not receive a commission on the sale.  Most Agents will not show you FSBO properties without working out a commission first.

If you have kids, schools would be my #1 priority.  Those towns also usually have lower crime rates.

Get a new Realtor.  You can not do a short sale and have $50k in the bank.  The bank is taking a loss and wants ALL cash and assets.  That whole scenario is ridicules. Stay away.

Two foreclosures I looked at recently were foreclosed on for that reason. In both cases the tenants vandalized the house.

In most cases the bank gives you a verbal acceptance long before they sign a contract.  In there 'addendum' they say that they can sell the house to anyone else until they sign the final contract.  If they can back out at any time, than so can you.  There is no deal until both parties have a contract signed by the buyer and seller.  Now, there is a slight moral issue with putting in more offers than you could possibly by.  And I suppose there is always the possibility they hand you back signed contracts and your locked in to purchase them.  I just wouldn't make a habit of it if you don't have to.  In most cases you'll get a verbal acceptance in 2 days or less anyway.

I'de stick with the week-end warrior agent.  First it is against strict Realtor policy that you can not 'steal' clients from other agents in any way.  Second, no one wants to be pressured to buy a home that the realtor likes and the client isnt satisfied with.  I've seen more problems with 'experienced' agents than the 'new' ones.  Sometimes, 'old school'  agents are still stuck in the 'old school'.  Commission, commission, commission is on a bad agents mind 24/7.  Someone sounds desperate.