Increasing numbers of looming foreclosures indicates that now is the time to become as familiar as possible with the pros and cons of buying distressed real estate. If you are working with a professional, knowledgeable Realtor that you are comfortable with, half the battle is already won as he or she will be guiding you every step of the way.
A great agent is a critical asset to you, especially when considering distressed real estate. I've found that, as in any relationship, compatability is key! Spend some time in the initial meeting or phone call to determine if this person is someone you feel comfortable with. Some agents are annoying and some buyers are annoying. It's just the way life is. Do not agree to work with someone exclusively if you feel you cannot trust or rely on the person to keep your best interests in mind.
On the other hand, if you are comfortable with the Realtor, keep working with him or her and make it exclusive, even for a limited time period if you are concerned about getting "stuck in a long-term agreement." And, I'll let you in on a little secret: some Realtors are also observing you as a client, and from time to time may not want to work with you. Don't be offended, as they are usually only trying to save both parties from an unpleasant experience.
What else can you do to become familar with the distressed property market? There are about a million resources on the internet. However, as anyone familiar with the online world knows, most of the content is pretty much the same. Don't get overwhelmed- choose 2 or 3 resources you really like and get involved- read articles, ask questions, and also include your agent in the process, if you've selected one. Some popular sites are Realtor.com and Trulia.
Some caveats: Most of the public sites that allow you to search for homes do NOT differentiate between SHORT SALE and FORECLOSURE. Since many short sale homes are listed at low prices in order to generate offers, online home shoppers are most attracted to these, and are usually surprised to learn the home is actually a short sale.
Since not all search engines are up to date, some of the listings found online by independent home shoppers have been taken off the market or sold by the time a Realtor is contacted about the property.
By engaging an agent with MLS (Multiple Listing Service) access, you can be assured of the most current and accurate information available.
A GREAT OPPORTUNITY to buy real estate exists right now. What are you waiting for?
View this week's foreclosure lists for bank-owned property in the local area on my website and have a great week!
www.mypinellasparadise.com
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