Last year 2005’s round for banks repossessing famous Miami architects had turned down slowly. But banks started to regain their activity in repossessing real estates in the year 2006. In fact, a lender further said that this year may be another successful turn for real estate investors.
You must hire a professional real state agent or broker if you are planning to buy a bank repossessed real estate. However, do not loose hope if you are hearing bad rumors from the other agents about these bank repossessed real estates. They may tell you that it is not that easy and practical to invest on these types of real estates. Mind you, there are many brokers or real estate agents. Don’t limit yourself to one agent.
On the other side, you might be thinking of spending few dollars to listing services. These listing services may send to you the list of bank repossessed real estates through mail. Don’t be blinded by these services. It will just be a waste of money. The truth is, the real estates might have been sold the moment the mail listing arrives.
Also, you might see the schedules of various banks with specializations in bargaining real estates. Most banks bid their repossessed real estates at low prices. However, there are some policies, conditions and availabilities that you need to confirm. These have something to do with the reselling and financing of these banks’ real estate owned (REO) properties.
Many banks repossess real estates just because they want to, while others lend them. Ask a favor to give you in-house terms to have good financing. Make a visit to your target bank and ask any bank authority for information on how they market their repossessed real estates.
Many of these banks will give their website where you can find the listing of their repossessed real estates. Also, establish rapport with your broker or real estate agent so he or she may inform you immediately whenever a new repossessed real estate is added on the listing.
Repossessed real estates are good opportunities for you if you are a first time real estate investor. But you or your broker must make the first move to get in touch with the bank to show that you are really interested to their real estate. Have your final decision before you contact the bank.
These days, brokers are using the Multiple Listing Service (MLS) to check the new and unsold real estates. So you or your broker must check the MLS regularly. You may call the listing agent if you or your broker found a new item on the list. But bear in mind that bargaining with the bank which owns the repossessed real estate may weaken if there’s an involved listing agent.
However, you have to make practical moves to communicate directly to the foreclosing bank if there is no listing agent involve. Be aware that selling real estates is not the main business of banks. So you have to do your thing on how to find the department or authority in-charge to the repossessed real estates from the MLS. When you’ve found the right department, be patient enough until your transaction is successfully accomplished.