Hiring A Short Sale Buyer’s or REO Agent
REOs (Real Estate Owned) and short sale listing provides a good opportunity to buyers to buy a home less than the market value, but keep in mind that not every short sale or REO is a great deal. In some ways REOs are not much different from any other type of short sale listing. There is a lot of contradiction when pricing the REOs, some are priced too high and some are given a really low price.
If it is your first purchase of any house, you must hire a short sale buying agent who has a great experience selling and buying short sales and REOs. Hiring a short sale agent without experience of REOs and short sale is the most dangerous thing that you would have done. You need to hire the shorts sale agent who has sufficient experience of REOs, short sale, lender and have negotiation skills to deal with short sale banks.
Searching for Short Sale Buyer’s Agent an REO
In the real estate industry many buyer’s agent find a bulk of short sales and bank owned properties to deal with. If you find a short sale buyer’s agent with handsome experience you can get a huge benefit from his or her experience. An experienced short sale agent would be in a better position to present your proposal and have access to more properties. Here are some useful ways find short sale buyer’s agent or REO.
Ask Your Coworkers, Friends & Family For Reference
Look around you and try to find if someone has recently purchased a home. Ask your friends & family and coworkers to refer a buyer’s agent if they have worked with someone. Referrals are the preferred and most popular method of finding an agent. If you find some reference, pick up your phone and call the short sale agent set up a meeting for discussion.
Call an Agent Friend and Ask Reference
Many agents do not negotiate bank-owned properties or shorts ale transactions, but they know those agents who do. In the real estate industry agents judge each other by harsh standards that means you will be referred to a top producing short sale buyer’s agent. Some of the agents have their own network and also pay referral fee that means the referring agent has an added incentive to make sure you end up in right hands because if it does not close, they will not be paid their referral fee.
Talk to Agents at Open Houses
Open houses offer an opportunity to talk with other agents in a relaxed and non-threatening environment. You can ask agents to describe their recent short sale or real estate experience to judge how many these types of transactions they have closed so for and what methods were used. Whether the host of the open house is the actual listing agent or another agent from the same office doesn’t really matter as long as you aren’t there to buy that particular home.
Search for Short Sale Agents REO or Online
Most of the short sale buyer’s agent and REOs write blogs and owns websites to share their experiences. It’s almost like reading a diary because you’re given an inside peek at what goes on behind the scenes. Don’t be trapped by the agent who has a really attractive and flashy website, but don’t have experience. Get the contact and setup a meeting and ask questions face-to-face. Ask about their procedures, required documents and it is also good to ask some of referrals if they can provide. It is better to ask for testimonials and read reviews that have been given by their clients.
Sort MLS records by Short Sale Agents REO
If you have a friend in the real estate business with access to MLS, run a search by limiting the returns to REOs and short sales, and pull up the closed sales for the past six months with your preferred ZIP code or neighborhood. Look up the buyer’s agent name on each of the sales, and then go to that agent’s web site for more information.
Online Real Estate Forums
Online real estate forums are also a good source for finding the real time short sale and REO agents. Such forums have a huge number of members who share their experience with a short sale agent. You can create a thread for asking the best short sale agents in your area. Chances are you will be able to get a list of short sale agent and also someone would be able to guide you there.
Grab any of your local newspaper and search for the classified ads to find the short sale agents in your area. Here you will be able to find the agents that are already dealing with real estate properties. Get contact number and call the agent to set up a meeting.