Reasons to Hire a Buyer’s Agent for Foreclosed or Short Sale Properties
Experienced agents in foreclosures or short sales can protect the buyer’s interests because they already know what problems can arise. Buyers may not always seek out a real estate agent for foreclosures or a short sale specialist, but they should. Buyers who are informed are attracted to these types of deals because they are looking for a good bargain. Often, listings of foreclosed properties and short sales provide buyers with the opportunity to purchase a home for less than market value.
However, buyers should remember that not every listing for foreclosures or short sales is priced below market. Sometimes, they are no different from any other type of listings. Buyers will find a variety of prices: some foreclosed properties and short sales are priced very high, some very low, and some are just right. Therefore, understanding fair values of properties is a prerequisite. Furthermore, having enough liquid cash will allow you to purchase these properties when the right opportunity arises.
Finding an Agent to Buy Foreclosures or Short Sales
In weak or declining real estate markets, many buyer’s agents find that the bulk of sales consists of bank-owned homes and short sales. If you can find a busy buyer’s agent, they are likely representing many buyers of foreclosed properties and short sales. You can search for a buyer’s agent for foreclosures or short sales in the following places:
- Referrals from friends, coworkers, or family: It’s likely that someone you know has recently purchased a home. Ask for a referral to their agent, and then call to inquire about their experience with foreclosures and short sales. Referral agents for short sales who do not negotiate bank-owned sales or short sales usually know agents who do. Agents regularly pay referral fees to each other: this means that the referred agent has an extra incentive to ensure you end up in the right hands – because if the deal doesn’t close, they won’t get a referral fee from you.
- Talking to agents at open houses: Whether the open house host is the actual listing agent or another agent from the same office doesn’t really matter as long as you’re not there to buy that particular home. Open houses provide buyers with a relaxed, no-pressure atmosphere to talk to other agents.
- Searching for foreclosure agents online: Many agents write blogs about their experiences. Be careful not to get drawn into a site that relies solely on keywords for online traffic. Search for “REO” or “short sales” from your preferred search engine.
- Sorting MLS records by foreclosure and short sale agents: If you have a friend in real estate who has access to the MLS, run a search by restricting results to foreclosures and short sales, and call closed sales for the last six months in your preferred ZIP code or neighborhood.
Some Benefits of Using Foreclosed Properties
There are some benefits to using foreclosed properties to help you find a home. The bank that owns the property may agree to some concessions or accommodations depending on how long it has owned the property.
You will receive a title from the bank, which will be clean and free of all encumbrances (claims against the property), unlike foreclosed properties. In a traditional foreclosure situation, you take on any claims against the property upon purchase.
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Source: https://www.thebalancemoney.com/how-to-find-an-reo-or-short-sale-buyer-s-agent-1799095
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