Over the past 20 years the waves of foreclosures have come and gone. While selling a
foreclosure in todays market is very different from 15 years ago, many of the processes and factors are the same. When buying a foreclosure a buyer must keep in mind that they are dealing with an institution that is trying to rid itself of a problem. Banks are not in the business of owning houses. They do not make money on a vacant house. Quite the contrary. There is great contraversy about banks holding onto foreclosed homes and putting them on the market to manipulate bailout money, leverage their portfolios or other unknown factors. But for the most part these factors do not apply to REO’s that are actively on the market. Once it hits the market the banks are ready to sell.
But, they are going to sell on their terms. Foreclosures can be great deals! But for that great deal buyers are giving away many of their rights and leverage power. State mandated disclosures, rights to inspections, flexibility, condition, and legal rights given in standard contracts (most banks insist upon using their own contracts) just to name a few.
There are many subtle differences that an experienced agent needs to know about foreclosures. Blair Thompson has sold numerous foreclosures to buyers and has become educated about the pitfalls associated with them.
Blair is a member of several specialized listing services that give the first notification of any bank owned or REO properties for sale in your area. These include the Equator FLS and the LSI RES.net service amongst others.