How can I find an agent experienced in dealing with foreclosed, bank-owned properties?
Asked Fri Mar 19 2010, 15:14 by Beth - Foreclosure in Chicago
Mary Nack answered:
Dealing with the agent whose primary business is listing REO’s, on the surface, would seem like the best agent for a buyer to work with. However, those agents tend to focus their business on LISTING the properties and working with lenders rather than working with the buyers interested in purchasing them. Often times, they simply don’t have TIME to return a phone call – from ANYONE (though I’m sure they talk to their lenders all day long) – not even a bona fide buyer.
This is not meant to find fault with them. Those agents are drowning in paperwork. That business is all about volume. They simply do not have the time to spend with buyers. Just so you know, I had put a call into an REO listing agent 2-3 days ago – and wrote him an email (his voice mail said that was a better way to contact him). He finally called me back last night at 10:15 to talk to me! Which, frankly, was impressive. The poor guy is clearly working 80 hour weeks.
If you like your agent, give them a chance. They may be learning along with you about REO’s. We ALL are! I know 5 years ago, I really didn’t have a CLUE about this side of the business – and I have been in real estate for 30 years!
Hang in there. There are LOTS of opportunities for you to jump into the foreclosure fray. Don’t get your heart set on just one property. Keep your options open. You’ll find the right property. Just be patient.
mary! – Fri Mar 19 2010, 16:49
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