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Foreclosures happen to every level of real estate from low end houses to
luxury homes to commercial properties. It's part of the system. So
how can that benefit you?
Sometimes there are very good deals to be had in the foreclosure market.
Next question is how do you find them. Well the same way you fine any real
estate. Foreclosures are listed through real estate agents and place on
the MLS or Multiple Listing System.
Agents that list "REOs" or "Bank Owned" property are called "REO Agents".
Banks don't sell the properties themselves they use realtors just like you and
me. Now I have experienced a bank or 2 that did sell their properties but
it was usual and they were very small banks.
Therese Palmer on
our team happens to be a REO Agent for several banks. You definitely want
to be on her list for upcoming and current foreclosures. We can also set
up on an automatic email system that will notify you of properties that are REOs
that are listed with other REO agents.
All shapes and sizes
Foreclosures do come in all shapes and sizes or should I say conditions and
locations. Have you ever seen a house that has all the windows boarded up?
That was more than likely a foreclosure in a bad part of the neighborhood.
Foreclosures can be the well kept house that is for sale on your street.
What to expect
Most people have purchased a property from an individual by themselves or
using a realtor and understand the process. REO properties tend to be a
little different. You use a realtor and then write up a contract that is
then submitted to a "Non-Performing" asset manager that might be in the city,
but more than likely across the country from you.
The asset manager usually has several days to respond and will either accept
or reject the offer. Some will counter your offer but it's not common, so
don't think they should. You are left to either walk away at this time or
submit a different offer.
There is no emotion involved with REO property - it's all about the numbers.
If you have an excepted offer they want you to close within 3 weeks.
If you would like a be notified of foreclosure listings just please contact us at
(314) 720-2703 or send us an email from our contact page
and you will be added to the list.
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