My buyer wants to look at foreclosed homes in MD. I have no idea where to look. Can someone help?

Question

Also, are there any benefits for Realtors when dealing with foreclosures?

Answer 1

As a Realtor it does not matter much if you help a buyer purchase a home in foreclosure assuming you get paid. It will not be any different when you cash the check.

1. If the home is in foreclosure then the borrower/owner is still the owner and they can stop the foreclosure if they sell. Some will be listed with an agent if there i.e. enough equity to pay a commission. Others do not list as they have nothing left in equity so likely will try a FSBO sale.

2. If the property is being sold at auction then there is no reason a Realtor will get paid unless the buyer wants to agree to pay the agent. Not likely if all the buyer needs to do is bid. Also the agent might not be competent to help much during an auction so liability without domain knowledge.

3. If the property was taken back by the lender (failed to sell to someone else at the auction; labeled 'REO property') then the lender will likely agree to pay a commission. Most lenders list REO property with brokers as part of their standard process for disposing of an REO.

Answer 2

If you have no experience in the foreclosed arena then your buyer will almost be better off without you. You will think like agents are taught to but dealing with banks, holding companies, or HUD, VA, and other agencies forms will be where you might be better off taking the referral and passing the client to one experienced in foreclosed homes. Pre-foreclosures will also have issues that will be beyond your scope of knowledge. A person can always learn how to work with any situation but learning while under contract and offering the best guidance to your client will be difficult. Amend your buyers agency contract to protect yourself and refer out this area of real estate to one well versed in it. You can show the home and do the other real estate agent duties, give a referral to another agent to handle the transactional issues. Your buyers should easily understand your concerns for their best interests and likely will commend you on being honest. Not all agents are able to work all areas of real estate competently. Most are good at a few but it takes many years to become well versed in the complexities that can arise in investment real estate.

Answer 3

First are you licensed to work in MD. I think I would check with holding companies and see what commissions they pay, if any. Is your client willing to pay the difference if the holding company pays lower. I might see about getting buyer/broker agreement with him, that will tie him to a commission.

This seems to be a strange set of questions if you really are a licensed agent.

Answer 4

IT sounds ok, yet once you look on the domicile, examine each and every thing and make advantageous each and every thing is in working order and in sturdy condition. the quantity a million factor i might examine isn't any matter if the domicile has fuses or circuit breakers. If it has fuses, it rather is advisable to touch an electrician so your place might nicely be switched over into circuit breakers, because of the fact finding substitute fuses immediately is tough. make advantageous the domicile windows and the roof is in sturdy shape. Ask the realtor (or the enterprise) questions concerning the domicile. Have your boyfriend bypass with you and additionally he can ask questions if he has any concerns concerning the domicile. IF he's unable to return alongside with you, have considered one of your mom and father come alongside or yet another kinfolk member come alongside. make advantageous the domicile has sturdy plumbing, and additionally examine the condition of the domicile windows. you additionally can desire to envision the community and make advantageous it rather is a secure area on your daughter, and additionally determine you have an incredible adequate backyard so which you and your daughter can play in the lower back backyard. Ask to look on the certainty sheet concerning the domicile, which tells lots yet no longer each and every thing concerning the domicile. There additionally must be a image of the domicile, and additionally examine around for sources proprietors insurance, on the grounds which you will desire that to have your man or woman domicile. If that domicile does not greater healthful your desires, go searching for different properties that are foreclosed.

Answer 5

How can you seriously pretend to be an agent and not know how to find that kind of property?