Q: I?ve been watching a property that was in short sale for some time. Recently, through a website that sells foreclosure info subscriptions, I?ve become aware that the property has been repossessed by the bank and that the foreclosure is complete. I am not a member of this website, as it is a pay to subscribe site. How do I find out who to engage about inspecting the property and making an offer on this property? Might the last agency who listed the short sale be a place to start? What sort of info should I be asking for? Do you recommend hiring a real estate attorney to represent me? What about a Realtor as a buyer?s agent?
?Airgrabber, Tampa, FL
A: Great question. After the property moves from ?short sale? to ?foreclosured or bank owned (reo)? then the banks take it back in their inventory and assign it to a local real estate broker. In my book, REO BOOM i talk about the entire 6 steps of the REO cycle from this EXACT time: from the banks door to yours; start to finish and everything that is involved. There are a ton of checklist and items you can dowload but your first step is to find out who the local real estate agent is they bank employed (takes at least 30 days for them to assign one). Once you see a lockbox or sign on the door (e.g. warning sticker on the window) immediately call that listing agent and say you want to work WITH THEM EXCLUSIVELY and you WANT THAT HOME. Then they will help you with the pricing, financing, closing, etc. Take care.
Aram Shah is a Realtor? with Florida Capital Realty in Doral, FL.
A: I would suggest using a local Realtor in your area. They should be able to get the information that you need and they will know the minute that property hits the market?maybe even before.
Good luck!
Tesa Noonan is a Realtor? with Coldwell Banker Best Realty in Tehachapi, CA.
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Source: http://rock-n-rollrealestateagent.com/how-do-i-make-an-offer-on-an-unlisted-foreclosure/
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