What should I do now? I want this house that just came out of foreclosure.?
Question:
What should I do? I'm sick of the realtor that is showing this house.
Answer:
Hi there! My husband and I just closed on our home last Friday - and it too was REO foreclosed home. I'll warn you, working with a bank to purchase a home from is pretty difficult. But if you're persistent and keep pushing them to stop dragging their feet, you'll get results and end up with the home you desire! It can take 2-4 days to hear back from them, so don't fret too much. We had even entered into a sales agreement/contract with the bank that owned the home and in the middle of it, they SOLD the loan off to another bank! So we had to re-sign all the paper work with the new bank that owned the home and our closing got pushed up 2 weeks. Needless to say it ended up in a mess (us living with my in laws for 2 weeks yuck), but we got to close and are now really happy in our new home! :) So I just wanted to warn you that it will be a lot of work. I'd search around for your own Realtor (buyer's agent). We had one and he was great, he was on their tail every day. If it hadn't been for him, the sale probably would have never happened! So get yourself a buyer's agent, they will do the run around for you.
Good luck! Sorry I know, this turned out to be a book! lol
Sounds like the house may be sold by now. I would visit some open houses this weekend, in the area you want to live and if you find an agent that you feel comfortable with, ask them to help you. As for buying foreclosures, it is still like a bidding process at sheriffs sale. If the bank owns it they only want to know that you have full loan approved from a lender to purchase the property, and then they may take weeks to answer your offer. If I can answer any other questions just email me.
Your experience is not uncommon. REO-Real Estate Owned by the bank is frequently handed over to a broker who handles a lot of inventory for institutions. I wouldn't be surprised because of this subprime mortgage meltdown that the broker has see a flood of new inventory.
I would go to the brokers office with a check for earnest money & a purchase contract filled out & ready to go. Have the contract time stamped when you go to their office & fax or fedex a copy to the REO department at the bank.
That should get their attention that you are serious.
One last tip: On your purchase contract , the less contingencies you have in there will make your offer more enticing for them to accept
You do not need to use the realtor that is showing/listing the home. You can choose your own realtor. The commission is then split between both realtors. Get some referrals from friends and family regarding a good realtor. Tell the realtor you want to make a cash offer. The home may already be sold to another buyer, but possibly the bank will accept a back up offer. Good luck
I would get your own realtor to contact the realtor who has the listing. After inspecting the house, I would place a contract that day with earnest money. If all else fails, contact the bank that owns the property - I imagine this is not the only REO property they have.
Hope this helps...
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i say get a new agent.. due to the fact that this one is being a butt hole.. i mean like really.. what aget dont return your phone call.. thats odd.. but i say get a new agent.. and then work on that house. but in the out come that that house is already in the process of being sold.. dont be shy and not look at other houses that you could possibly consider.. just incase plan one fails.. you will always have a back up plan..
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