4 Responses to “Question about foreclosures…..”

1. Mike on March 27th, 2008 9:36 am

   Good question. I beleive that it is in the Banks best interest to hire local REALTORS to list the foreclosed properties for many reasons and I will try to mention what I feel are the most important.

   Local REALTORS have a much better understanding of their market and the current trend. The Bank really does not want these properties on their books for long and it is important for the REALTOR to keep them informed about the market. Local REALTORS are available to do a bevy of things that I will call housekeeping issues, ie: re-key the properties, muck out or trash out the homes, secure the home from invasion, winterize the homes in climates that actually have winter,(not ours). Also to be the repository for the numerous offers each property will receive and to be a conduit of communication from the bank to the prospective buyer or buyers and their agents.
   All in all it boils down to cost effectiveness. In my opinion it would be near impossible for the banks to staff up to handle these foreclosed properties to only have to turn around and eliminate those positions as the market changes back to a seller’s market.

   Kelly…

2. Thomas McQueen on March 31st, 2008 4:55 am

   Cool site, glad that you guys have gotten it up and going. Talk to you soon!!

   Thomas

3. Syd on April 10th, 2009 2:55 pm

   I still do not understand what is going on with the real estate market. When something is bankowned this means that the bank is selling the property, can i go directly to the bank and purchase the property from them? And why does bank owned seem to take the appearance of auction sales? Potential buyers have to actually make offers or bids on it and it goes on and on! It doesn’t seem fair to the potential buyer. also because they can’t find out how nùmuch was offered! I would also like to know just what IS public information regarding the offers made to the bank? Can the buyer find out what he is up against in terms of the offers made on the home? I the buyer seem to be going into a poker game and the bank decides the rules!

4. Mike on April 10th, 2009 3:22 pm

   Great questions and I will try to answer them all.
   No, in my experience you cannot go directly to the bank to purchase them. Each bank has a bevy of experienced REALTORS that work in the area of the foreclosed property that market and act as a conduit to the bank. Not all bank owned properties will go to auction, it seems that they (the bank) will take a block of properties that have not sold through the usual marketing methods and put them in a pool so to speak with an auction company. Now remember you very seldom, if ever, will a buyer get the priveledge of knowing what other people offer on homes in a “normal” market so why think you are entitled to that information in this one. What is reccomended is to put your best foot forward to begin with and Know where you are going to stop bidding (if at auction).

   Now as far as public information…nothing is public information until the transaction has closed. The bank or any seller has the right to accept any offer they so desire….. For instance you could be up against several buyers and let’s say that your offer is cash and “as is” and the other offers while at higher prices need to be financed and also need help with closing costs and repairs. The bank will most likely accept the cash and get the property off the books.

   I do agree with your last statement as to the poker game. I reccomend engaging the services of an aggressive seasoned ethical agent, listen to what he/she advises and attack these property with solid offers. Always protect yourself with property inspections and an appraisal before closing escrow.

   It is a very trying time for all and this too shall pass.

   I hope I have been able to shed some light on your situation.
   Good luck and Happy House Hunting.

   Kelly…

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