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Foreclosure realtors: when do you need them?

If you're thinking about buying a distressed property, you might want to start researching foreclosure realtors. These professionals can be invaluable assets during the process of buying a foreclosed property.

If you're thinking about buying a distressed property, you might want to start researching foreclosure realtors. These professionals can be invaluable assets during the process of buying a foreclosed property. However, they're not necessary in every stage of property foreclosure. 

foreclosure realtorsIf you want to buy a house at auction, you might not need a foreclosure real estate agent. You'll simply need to show up to the auction with cash or a cashier's check in hand, and bid on a home. During this stage of foreclosure, you might get the best price on a home. However, it's important to note that although going to an auction may sound easy, it can be a complicated process. 

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If you opt to buy a foreclosed property before it goes to auction, you might find the process slightly easier to navigate. If you buy a distressed property before it goes into foreclosure, you're actually buying it during the first stage of foreclosure, which is often called the pre-foreclosure stage. Foreclosure realtors can be an incredible asset during this stage of the process. They can help you find the property, guide you through the steps involved, get the home inspected and help you with the paperwork. 

If you decide to buy a home in pre-foreclosure, it may be in a short sale. In a short sale, the bank agrees to accept a price less than what the homeowner owes on the house. The price you get on a short sale might not be as low as what you might have gotten if you'd waited for the house to go to auction, but in most cases, you'll still get the home for less than market value. 

If the home doesn't sell at auction, it becomes a real estate-owned (REO) property, and foreclosure realtors can also be helpful during this stage. You should be able to inspect it to ascertain how much you might need to spend on cleaning and repairs. Then, you'll need to haggle with the bank over a fair price. A knowledgeable real estate agent should understand how much the home is really worth and how to help you get that price from the bank. 

Buying a foreclosed property can be a great way to get into an affordable home. However, you'll discover challenges along the way, and you might want the help offered by foreclosure realtors. Reply! can help you get started in your search for foreclosed properties and even help you find a mortgage lender.

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