Foreclosed home information

Great to see so much helpful advice here! I would just double check to make sure that the rules apply to your state and location to make sure that all the fine lines are covered.

Hi Mohamed,
Foreclosed homes come in a wide variety. Typically, the trustee will set the commissions and can typically fluctuate. If on MLS, the brokers fees will be stipulated. You can also look into online auctions, like auction.com. For financing, it all depends. A vast majority of these will go for cash and most foreclosures are a bid process meaning equal offers with buyer A having cash in hand and buyer B using financing, Buyer A will have the most likely hood of going to closing. With that said, most sellers will accept mortgage as long as property will suffice. A lot of foreclosures will be heavily distressed (not all) and couldn't obtain financing on the property itself. You may also wan't to look into shortsales, these can be better deals if your client is looking for one.These are before the lender takes possession of the home as mortgage lenders typically don't want to buy and sell real estate, their expertise is making money off the loan, not selling the property.

Don't worry about the commission, that will be there. She can get loans for foreclosed homes just depends on the condition of it. You'll find foreclosures in lots of places. MLS, hudhomestore, county tax records etc. The issue you'll have is her intended use because she is buying for business instead of as a home. This can change financing terms and selection of foreclosures as some are only open to owner occupant so make sure you research everything will before presenting it to your client. If you will like you can give me a call. I have a relative that has been through this process and still operates a home in Westbury.

Mohamed,

Most of the foreclosed homes my investors have bought require cash or hard money loans. Yes you can still buy foreclosed ones already on MLS unless you have the time to go behind banks to tap their inventory. They sell a bunch of homes as a package. I do know couple who were able to tap one or two houses.

Yes you will get your commission either way whether on MLS or non-mls when you send in buyer form.

Chris
Coldwell Bankers
www.ChrisRealEstatePro.com
832.859.8698

If the homes are listed in the MLS and a commission rate is listed, then that will be your commission rate. They can purchase by financing or by cash, either will work. Make sure to read any notes that are listed in the loaded documents and websites that you will need to review for submitting an offer. Best of Luck!