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Buying a Bank Owned Home You NEED YOUR OWN AGENT

By
Real Estate Agent with West + Main

So, you want to buy an REO (bank owned home)?  Many of the homes selling in Central Oregon are bank owned homes.  Agents across the nation are specializing in these homes, and I am no exception.  I am working with the Buyers wanting to buy bank owned homes

As a buyer in Central Oregon having an agent that represents you and your needs is important.  Short Sales, Bank Owned Properties are no exception to a buyer needing their own representation. 

Central Oregon has different issues in different areas - having an agent that knows the area and puts your needs first should be your first choice in buying a bank owned property or a short sale.

Let me help you walk down the road to home ownership whether you choose a bank owned home, a short sale or a reasonably price home.

There are a lot of great loan options for many of these properties.  Many times in today's market you can purchase a home for very little down, and payments very close to what you are paying in rent.  Investors, this is the perfect time to purchase rental properties or vacation homes.  It has been a long time since you could buy a rental home that actually penciled out without a loss, there are a homes out there that can and will rent for the payment amount or more.  Central Oregon is having a great buyer's market - the best in 20 years.

Comments(9)

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Teri Eckholm
Boardman Realty - White Bear Lake, MN
REALTOR Serving Mpls/St Paul North & East Metro

Thesa--Buying AS-IS from a bank directly does not save money for anyone but the BANK! Good information!

Dec 19, 2008 12:48 AM
Jim Crawford
Long & Foster - Fredericksburg, VA
Jim Crawford Broker Associate Fredericksburg VA

If you are going to buy from a bank - the only way to do it is with an experienced agent like yourself to guide a buyer though the entire process.  There is a lot to be aware of.

Dec 19, 2008 01:31 AM
Betina Foreman
WJK Realty - Austin, TX
Realtor, C.N.E., with WJK REALTY

Dear Thesa,

I agree with you and Teri, the only winner is the bank. They call all the shots and are typically pretty demanding. I recently had a cash buyer for bank owned property. He could not understand why it took so long to complete the transaction as he was a cash buyer. It took even longer because the transaction was delayed due to the bank employees taking off for the Thanksgiving holiday, which irritated my buyer. I am sure you will be able to help your clients navigate these tricky purchases. Thanks for another great post.

Betina

Dec 19, 2008 03:30 AM
Fred Chamberlin
Guild Mortgage Co - Oak Harbor WA - Oak Harbor, WA
Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant

To everyone reading this, from my experience with Thesa, there is no way you want to try to do this on your own. Thesa is an extremely experienced Realtor that know how to do the best for her clients. You need experience and knowledge on your side. Great post Thesa!

Dec 19, 2008 07:29 AM
Elizabeth Nieves
The Elizabeth Nieves Realty Group - Durham, NC
Bilingual Raleigh - Durham North Carolina Real Estate Team

I cannot imagine buying any home...much less a bank-owned property...without an experienced REALTOR on my side. ~GBU~

Dec 19, 2008 12:11 PM
Marchel Peterson
Results Realty - Spring, TX
Spring TX Real Estate E-Pro

Thesa, Since the listing agent is representing the bank it REALLY makes sense for a buyer to have someone representing their interest.

Dec 19, 2008 03:21 PM
Cynthia Sloop
Community Association Manager - Indianapolis, IN

Hi Thesa,

Good information, especially with a market that has so many REOs.  I'm glad you're out there protecting the interests of the buyer, because we all know that the bank is out there for the bank. 

Cyndi

Dec 22, 2008 07:43 AM
Jason Sardi
Auto & Home & Life Insurance throughout North Carolina - Charlotte, NC
Your Agent for Life

Thesa - Point on.  Having a buyer's agent is crucial in making sure YOUR interests are best represented as a buyer.  I'm quite sure any buyer is safe with you.  Hope you had a wonderful New Year.

Jan 02, 2009 03:31 AM
Karen Cooper
Karen Cooper | Sr Mortgage Loan Originator ! NMLS # 223305 | First Federal Bank of Florida, Ocala, FL - The Villages, FL
Helping Homeowners w/Home Loans in 27 US States

Hi Thesa - The buyers I refer out to local Realtors in their area sometimes think they can save money by going in without what I believe is proper representation. I like to share with them some of the stories I've heard over the years, like buyers who find out their well water contains high levels of arsenic, and what the cost to cure that condition could be! It is SO important to have the expertise of a knowledgeable, professional Realtor on the buyer's side of the table...

Jan 14, 2009 06:00 AM