Does anyone work with a realtor in finding foreclosed properties? If so…are you able to buy an REO for much less than what they are asking for? To me it would seem that the lender would want as much or par value for that specific property. If that’s the case then how could I make any money on a retail deal where in my area its about 5-7% appreciation? I see that more and more properties that are foreclosed on go right into a realtors hand so the bank can get them on the MLS and increase their chances of a quick sale. Anyone buy for pennies when using a realtor? Why all the questions??? I’m meeting with a realtor on Monday who deals specifcially with foreclosures. I guess I have my guard up all ready cause if I buy through a realtor, plus his fees, where is my equity? Looking for opinions.
if its listed with a realtor, you are not going to get around that, if you are not represented you simply don’t have representation, you don’t save a commission as that is already decided between seller (bank) and listing agent. get a good realtor to represent you, that will take for their compensation what is offered by listing cooperative agent, and for you it is not anything additional and you get their help.
I have had great success working with my realtor to buy REO’s that are listed with other realtors. We got them substantially below asking. The key is having a good realtor who knows what you are looking for.
My meeting with that realtor went fantastic. He brought me a folder of MLS listings to ponder over and we talked about what I wanted to invest in and where. He knew our market like the back of his hand and he knows the outlining markets as well. He said he only does business with investors who are referred to him so I’m fortunate to have that in my favor. He’s putting together a smaller package of REO’s and properties that have been on the market for a over a years time. It went good and so we’ll move forward from here.
