Foreclosure real estate agents are agents trained in or focus primarily on selling bank-owned properties. When a homeowner defaults on their mortgage, the lender is able to take possession of the home and resell it to recoup the money they’re owed.
As a result, foreclosures are usually priced below market value because banks want to sell them quickly to make their money back. Home buyers looking for a great deal on a home may want to consider a foreclosed home because they can either save money on their home purchase or get more home for their money.
If you’re thinking about buying a home in foreclosure, you’ll want to work with a real estate agent that’s familiar with the unique aspects of the transaction and can guide you through the process. Here’s what you need to know:
Why Work with a Foreclosure Real Estate Agent?
Here’s the truth: any agent can work with you to buy a foreclosed home. But if you’re looking to get an optimal outcome, it’s in your best interest to work with an agent that’s gone through the process before and can help you set the right expectations.
Buying a foreclosure can be a tricky business. Instead of negotiating with an average homeowner, you’re having to appease the bank. Banks know how much they need to make on the home and won’t budge much. And once you agree on the price and the home goes under contract, banks often won’t renegotiate if the home inspection turns up major issues.
Also, most banks will sell the home as-in and not maintain it in the interim, which means you could buy a house that hasn’t had any TLC in months. When houses sit unoccupied, they fall into disrepair and need a lot of attention to get them looking and feeling livable again.
Taking all of this into consideration, this special transaction requires someone well versed in foreclosure sales. Your agent can help you go over the home with a fine-tooth comb and tailor an attractive offer, including setting an asking price and any requests for repairs or credits. You’re likely to get a better experience overall when you’re working with someone who knows what they’re doing and can make your best interest their top priority.
Where to Find a Foreclosure Agent
Even though any agent can handle a foreclosure transaction, that doesn’t mean that all agents have the same level of expertise. If you want to hedge your bets, there are several ways you can find an experienced foreclosure agent.
You don’t have to reach out to an agent to find foreclosures in your area. Do a quick Google or Zillow search to find foreclosed properties in your area, then look at the listing to see who the listing agent is.
Now that you’ve got a name and phone number, reach out to learn more about their experience in foreclosures. Even if you’re not interested in the property they listed, they can still be a valuable resource for finding other foreclosed homes and helping you buy one.
Recommendations from Family or Friends
If a family member or friend has purchased a foreclosed home or know someone that has, they could point you toward an experienced agent. And if they haven’t gone through the process themselves, they may have friends who are local real estate agents and can help you know where to look.
Let Clever Connect You to a Foreclosure Real Estate Agent!
Few real estate agents deal exclusively in foreclosures and REO properties. Rather, there are many full-service agents who also understand the unique process of buying a foreclosed home just like any other transaction.
Clever takes the guesswork out of finding an agent that’s best suited for your home buying journey. Clever Partner Agents are full-service, top-rated real estate agents in their local markets with expertise in unique real estate transactions, including buying foreclosed homes. And, since the seller typically pays for real estate agent commissions, you’re essentially getting their services for free.
Let Clever connect you to an experienced agent in your area that’s skilled in foreclosures and can help you get an optimal outcome on your next home purchase!