Home > Blogs > Thesa Chambers > Central Oregon Real Estate Information

Bank Owned Homes & YOU!

By Thesa Chambers

Real Estate Agent with West + Main

December 24, 2008 05:00 AM

Many buyers today think that the bank owned home is different than other listings. That is true to some aspects but not the most important one. As a buyer you deserve to have your own agent represent your needs in the transaction. Bank owned homes are no different. You do not have to use the listing agent, the listing agent is working for the bank and not you.

There are a lot of factors you as a buyer should take into consideration when buying a bank owned home. Make sure you are represented and have your own agent. Because of the misnuderstanding from many buyers - I have become a "Bank Owned Buyer's Represnentive."

Re-Blog

Comments(11)

Comment

Show All Comments Sort:

Mana Tulberg

805 County Real Estate - Camarillo, CA

Real Estate Agent - Camarillo CA

Thesa, So have I!!! I have been representing many home buyers in Ventura County on their purchase of a Bank Owned Home. Best of luck to you.

Dec 24, 2008 05:03 AM

Kat DeLong

Realty ONE Group Mountain Desert - Prescott, AZ

REALTOR

Thesa: I love that advertisment... SO SO true!

Merry Christmas my friend.

Dec 24, 2008 07:49 AM

Marchel Peterson

Results Realty - Spring, TX

Spring TX Real Estate E-Pro

Thesa, I just came by to say Merry Christmas. It sounds like the time to buy a home in LaPine and have your as their bank owned buyer's representative!! I just got the okay on one today for a buyer.

Dec 24, 2008 10:08 AM

Lynda Eisenmann

Preferred Home Brokers - Brea, CA

Broker Associate ,CRS,GRI,SRES, Brea,CA, Orange Co

Hi Thesa,

Good info, it's always best to work with someone who knows what the heck they're doing. I know you're the one for La Pine, OR. I wouldn't hesitate one minute in referring you!

BTW, you header of best buying opportunity now, I agree. I just closed today myself on a place and got a fixed 30 year loan under 5%. I'm one happy camper right now!

Dec 24, 2008 10:43 AM

Jeff Belonger

Social Media - Infinity Home Mortgage Company, Inc - Cherry Hill, NJ

The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans

Thesa... I am pissed... I had a closing that took place on the 19th of December. I took the loan from another loan officer on the 2nd of December... the commitment date was on the 12th and all parties involved said it would never happened.. wow, they had their commitment on the 12th, at 10 am... They even said that I would never make settlement on the 19th, not on a FHA loan. Poof, closing docs where there, the day before the closing date.... but wait, it still hasn't closed. This was a bank owned property, but the bank never had the dead prepared nor owned it 100%. How backwards was this one..... Happy Holidays.. hope Mike is well..

jeff belonger

Dec 24, 2008 03:48 PM

Neal Bloom

Brokered by eXp Realty LLC - Weston, FL

Realtor CRS-Weston FL Real Estate

Thesa,

Although the listing agent represents the bank .....here in FL we have to be fair and impartial.....I always try to help both sides if I can...after all...our job is to close the transaction as smooth as possible and try to make everyone happy.

Wishing you and your family a Happy Holidays.

Dec 24, 2008 10:50 PM

Mary Douglas

United Country Ponderosa Realty, Red Feather Lakes, Colorado - Red Feather Lakes, CO

REALTOR, Red Feather Lakes, Colorado

Hi Thesa, what a wonderful niche market - there are many ins and outs of buying a bank-owned property- Good for you! The buyers who find you to work with them, I'm sure, will be in good hands.

Best wished for 2009!

Dec 26, 2008 04:22 PM

Fred Chamberlin

Guild Mortgage Co - Oak Harbor WA - Oak Harbor, WA

Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant

Thesa - As always, excellent advice. A buyer really needs someone in their corner, especially on a bank owned property. Merry Christmas.

Dec 27, 2008 05:51 AM

Brande Bradford

Keller Williams - McDonough, GA

Realtor

Thesa...as always your rockin'! I have been working with some Buyer's who are interested in bank owned property, and I have to say that things have been going pretty smoothly. However, its like you said, they need someone to represent them and make sure things run smoothly. Best wishes for 2009!

Dec 28, 2008 03:23 PM

Jason & Amber Gardner

Hasson Company, Realtors - Sherwood, OR

We're Committed to Your Success!

Good for you and even better for your clients! Agents need to be well educated in what's going on "today" and in "their" market. Having a Real Estate License means nothing unless the agent has the skill set, tools, knowledge and experience to really help their clients. This is going to be great added value to your business. Congrats to your success!

Dec 29, 2008 01:34 PM

Mesa, Arizona Real Estate Mesa Arizona Realtor

Homes Arizona Real Estate LLC - Mesa, AZ

AzLadyInRed

Hey Thesa, "catchy" title. I think we all need to become experts at everything....;-)