Finding the best real estate agent to work with when buying a foreclosure is one of those situations that requires an experienced hand to maximize the options that are available. Foreclosures are an interesting little sliver of the real estate market. The foreclosure spike in the years following the mortgage collapse have given Foreclosures more visibility but the number of Foreclosures has been normalized for the time being.
The benefits of Foreclosures are not limited to the sales price. This is where most real estate agents stop in their understanding and others just get plain frustrated. Finding the best real estate agents in the foreclosure niche is complicated but not impossible. The secret is to come out and ask how many Foreclosures they have sold. We tend to shy away from what is most direct while there is really no other way to get the information that you need to determine if the real estate agent is the best real estate agent for you. What will become very clear is that few agents even want to sell Foreclosures and fewer know what they are doing.
Finding the best real estate agent if you want to buy a foreclosure is just another couple of questions that the buyer should know the answers to at any rate.
Can you explain the benefits of a 203k mortgage?
Can you tell me how much I need to put down on a VA foreclosure?
In a real estate battle in a galaxy on the other side of losing a lot of money there was an agent that began to brand himself as a specialist in Foreclosures. He represented many buyers and sold dozens of Foreclosures before he was talking to an older, more seasoned veteran of foreclosure sales. During the conversation the younger real estate agent told the older that a house didn’t qualify. “How can a house not qualify?” Asked the older real estate agent. “The condition” responded the younger man. This conversation actually happened and the older agent explained to the younger that the house will always “qualify” if he used a 203k mortgage instead of the traditional 203b. Imagine how many buyers were lead down the wrong path because this agent branded himself something he was not? We must remember to ask questions and find the best real estate agent for our needs. As your needs change so may the best real estate agent for those needs. We should avoid painting all realtors with the same brush.