Scattered over the last two plus years are pieces I have written on how to swim with the sharks in the foreclosure market. Agents and buyers, alike, often struggle with parts of the process, so I am including links below to some of my "how to" entries.
Facts about purchasing a HUD property that you may not know: The Buyer has to Turn on the Utilities?
Registering and bidding on a HUD property: Illustrated guide to using HUDHomestore
Time of day to make your client's bid: Timing DOES matter on BidSelect
REO basics, including what the initials mean: Rio? As in Rio de Janeiro?
Representation in bids and auctions (it's not eBay): Dear Online Bidder
Printing the emailed contract when it has an electronic signature: Why does the signature disappear?
Dewinterizing properties: NO. The Water will NOT be on!
Making an offer as an owner occupant: Lying Could be a $10,000 Mistake
Of Disclosures and Such: Why isn't there a disclosure?
Sending a copy of the Earnest Money check: NOT so fast!
When an offer is accepted quickly: Is that Fishy?
Tutorial on how to make a bid on the BidSelect website: What BID? I just want to turn in a contract to the listing agent
Making a back-up offer on an REO: Will They Take a Back-up Contract?
What if your offer has expired without a response: Time's UP (part 2)
Why won't the listing agent just answer a simple question: Do You Have Any Offers Yet?
HUD clear to close: Now What?
Auctions and the 5% Premium: Add it up!
Is a foreclosure a good deal when buyer needs an FHA loan? How Do You Know if it Will Pass FHA?
Of railings and such (another FHA requirement): Wing wall? And it needs a railing?
Setting client expectations for an REO purchase: Head 'em off at the pass!
Lockbox codes for licensees only: What is the lockbox code?
Fannie, Freddie, and HUD website links: HomePath is the place to start looking for a foreclosure bargain
Save money for 30 years: HomePath financing
The battle of blue ink: "Wet signature" What is that?
How to make a Highest and Best offer that wins: Cash is king--or is it?
Filling out the Multiple Offers Form (Highest and Best) Yes, you are the SELLING agent
Bargain hunting buyers: "I'm looking for a foreclosure," the caller said
The trick to scanning documents: Help stomp out 35 MB files!
Check your NAID status if you have an REO buyer: Are you NAID-enabled or NOT?
If you are the winning bidder at an auction: GOING, Going, Gone... NOT!
Foreclosures for PENNIES on the DOLLAR?
From the REO agent: FAQs and answers
Do NOT buy Foreclosure Lists!
Possession prior to closing You don't own it until you OWN it!
What to tell the buyer whose bid was beaten What do I tell my buyer?
I cannot believe how long it took me to compile the list above and the links. Maybe, though, the compilation will help some agent or buyer who is getting ready to make that first offer on an REO property.
If you find a broken link, please let me know!
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If you are looking for a foreclosure in Cape Girardeau, Perry, N. Scott, or Bollinger counties, I am the region's most experienced REO agent. As the area's ONLY Fannie Mae direct listing agent, I list more foreclosure properties than any other agent in this MLS. I am the only local agent approved to both list and sell HUD properties, so give me a call if you are looking for help with the purchase of a foreclosure property.
http://www.homepath.com/ for Fannie Mae properties
http://www.homesteps.com/ for Freddie Mac properties
http://www.hudhomestore.com/ for HUD properties (foreclosures that were FHA financed)