Many banks do deal with buyers directly through their loss mitigation departments, primarily in cases such as short sales, where you place a payment and technically ?buy? a mortgage before the bank forecloses. In other cases, you deal directly with the city or county such as in the case of tax sales.
If you do not have the time to wrangle a deal but do have the money to invest, then a real estate agent that specializes in foreclosures may be the next best bet. In many cases the real estate agent acts as a go-between for the bank. In many cases the agent is very familiar with the properties in the area and can save you a lot of time by narrowing down the search to a home of your specifications. If you are looking to invest, they can help you find good property in good locations without the hassle.
Many real estate agents now work with banks, mortgage lenders or even the city or county itself. Many choose to take a small commission or percentage of the sale. Familiarize yourself with what is legal in your state or area so you know how much a sale should be worth and how much a commission should be worth.
Look for licensed real estate agents or brokers who specialize in the type of sale you are looking for. Many agents have listings on The Association of Real Estate Law Officials online or you can request a copy of their agent production records. A quick Google search can also do the trick. Avoid getting duped by unscrupulous agents who claim to work with the bank and take advantage of homeowners and buyers by procuring or selling false deeds.
So, for example, if you prefer to deal in preforeclosed homes, then your agent should be an expert in these types of homes. Many agents specialize in only one type of sale, since it does take some certification. If you hate dealing with homeowners, especially distressed ones who are resentful of selling their home, your agent can act as a mediator, help set up meetings or put you in touch with someone who can help.
If you are unfamiliar with the legal processes in your state, a real estate agent can help you navigate the ins and outs of acquiring foreclosed properties. This way you can easily avoid fines or sale revocations. This can also help you go through eviction processes, if you need a little extra legal help.
Another thing to remember when dealing with real estate agents is that, depending on the state, they are not required to provide insurance, conduct home inspections for you or provide legal services. A lawyer specializing in real estate taxes or foreclosures may be your best bet if that is the issue at hand. For home inspections, you can conduct a DIY inspection or hire someone to look at the integrity of the home for you.
Working with a real estate agent can help you protect your investment, make the best investment and prevent you from making costly mistakes, especially if you are new at the investing business.
Like this:
Be the first to like this.
spring forward day light savings day light savings daylight saving time 2012 grapes of wrath silent house nfl mock draft
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.