Are RE agents involved in foreclosures?
I am looking at a second home in a area with significant foreclosures and short sales. One house I am looking at is in short sale and the bank is stuck at a price $10k more than the next door house which foreclosed 11/09 at $655. It was an identical house (built by same builder and at some time) except that it has an extra 1/2 story and an elevator.
I like the house despite its "stripped" nature but am certainly not going to pay more in a declining market (>5yr inventory) than a better house sold next door.
Given the bank's position, the house should go into foreclosure soon (that is what the listing agent states). I am willing to wait it out (while looking at other properties) but am discouraged by RE agents. I understand they want me to buy now. But I also started thinking they don't get any commission if I buy at the "courthouse steps". Am I right on that assumption?
I've read what I can about buying foreclosures, I understand condition issues and needing large amounts of cash.