Forclosure using an agent

jane__nyNovember 22, 2009

Have been looking at condo's in my area with our agent. Came across a condo today where the electric had been turned off and there were notices under the door that it was because of non-payment. My agent called the listing agent who stated it was possible the bills were not forwarded to the new address.

My agent was suspicious that the owner might be in trouble and letting the bank take the condo. We had looked at this condo a month ago and since that time it appears neglected. Looks like a roof leak was temporarily fixed, ceiling was cut and a brace put in. Some holes in walls, which were not there a month ago.

I'm wondering how I could find out what the story is with this property. Would I ask my agent to look into it or can I do that? Also, do real estate agents get a commission for handling a foreclosure?

We liked this property but it was priced above what we could

afford. It now is listed as a rental with the option to buy. That was why we went back thinking we might rent for a year.

Thanks,

Jane

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mpinto

Agents get a commission on foreclosures that are listed with an agency, just like any other property. The listing agent should disclose if the property is going into foreclosure. Have your agent do some checking.

    Bookmark   November 22, 2009 at 11:20PM
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Billl

If it is listed as a rental, there is very little chance it has gone into foreclosure. I don't know of any bank that voluntarily gets into the rental business. A bank would want to sell the property asap and get it off the books. That is why foreclosures can sometimes be good deals.

If you like the property, you can always test the waters with a low offer. If it has been sitting on the market for an extended time, the sellers may be willing to accept anything they can get. The only way you are going to know that though is to put in an offer and see. Until then, you are just guessing.

    Bookmark   November 23, 2009 at 9:00AM
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jane__ny

Thanks for the advice. I wonder if it is proper for me to contact the listing agent directly without involving my agent. I just want to know if the property is in trouble.

Jane

    Bookmark   November 24, 2009 at 12:30AM
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ncrealestateguy

Jane, you know the answer to your question... USE YOUR AGENT! She can get the information for you quickly.
And, you need to let her know if you are looking for a rental or a purchase. You need to respect her time and energy.

    Bookmark   November 24, 2009 at 8:13AM
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jane__ny

Thanks realestateguy, I double posted. My question is based on renting. Just thought if this place was in trouble, we might get a good deal on it...might be worth buying. She'll check on the status.

    Bookmark   November 24, 2009 at 10:54AM
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