How do I find a bank-owned foreclosed property before it gets to a real estate agent?
Posted on July 15th, 2010 in Renting & Real Estate | 4 Comments »
Tulip asked:
And is it better to get a one without a real estate agent or not? I heard that you'll have more of a bargain without the agent as opposed to with one.
Walk In Bathtub
And is it better to get a one without a real estate agent or not? I heard that you'll have more of a bargain without the agent as opposed to with one.
Walk In Bathtub
4 Responses
Thermage Stomach
Some banks post listings of their foreclosures. You would just have to call different banks and ask. I doubt that you will get it much cheaper without a real estate agent. A lot of foreclosures are in bad shape and are going to be cheap either way. Most banks want proof of funds when you make an offer so if you don’t have cash you need to go ahead and get pre-approved for a loan. One thing, if you can find out the foreclosure from the bank you might have less competition because once it’s listed with a Realtor it will go into the multi-list and everyone will know about it.
Marathon Fl Keys Rentals
Talk with the bank first because with a real estate agent the bank will have to pay the agent’s commission. That would mean you are saving the bank the commission fee which would reduce the price of the house.
San Diego Homes For Sale
The vast majority of lenders don’t sell their properties themselves, they hire Realtors to take care of it.
Of course it is better to have an agent representing your interests. Buying foreclosures is a challenge, you should have someone knowledgable guide you through the process.
What you have “heard” is that if you do this yourself, no one will have to pay a Realtor. But since this is one of biggest investments you will ever make, you could stand to lose alot of you don’t know what you are doing.
Redding Ca Real Estate
Your approach will work with locally owned banks, but not with the large national lenders, such as Bank of America, Countrywide, or similar. The large ones work only through real estate agents because they don’t want to deal with the general public. Our firm works with several of the large lenders, and we receive the listings well before the final foreclosure action, so that they are ‘ready to hit the street’ as soon as we receive confirmation that the foreclosure has gone through.