How to find REO and foreclosures in MA?

  1. You have chosen to ignore posts from rodman75. Show rodman75's posts

    Re: How to find REO and foreclosures in MA?

    Try www.ma.mypublicnotices.com This site used to be where I went to search for free foreclosures but they have since removed my cities newspaper from their database.  Just type in your hometown paper or any paper in the city you are looking in and you will find all sorts of foreclosure notices.  Good luck

     
  2. You have chosen to ignore posts from treilly. Show treilly's posts

    Re: How to find REO and foreclosures in MA?

    In Response to Re: How to find REO and foreclosures in MA?:
    [QUOTE]Try www.ma.mypublicnotices.com This site used to be where I went to search for free foreclosures but they have since removed my cities newspaper from their database.  Just type in your hometown paper or any paper in the city you are looking in and you will find all sorts of foreclosure notices.  Good luck
    Posted by rodman75[/QUOTE]

    @rodman75 - Thanks very much for the reply and link!  I can and will do my own legwork on that site.  

    First look indicates listings, but not information on transactions.  I saw lists of houses that were being auctioned on their front steps, but presumably many end up owned by the banks that had the mortgages.

    Do you know if there's any way to contact the major lenders directly and get a listing of current inventory?

    Many thanks!

     
  3. You have chosen to ignore posts from BostonAreaRealtor. Show BostonAreaRealtor's posts

    Re: How to find REO and foreclosures in MA?

    There is no way to contact major lenders directly.  All REO properties eventually come on the market for sale.  After repossessing the properties, lenders work through the local realtors to get it on the market so they can minimize their losses.  There are two ways main ways to buy bank properties:
    1. Go to the auctions on the front steps of the properties.  These auctions are advertised every week in the local newspapers and occur during normal business hours.  You will need to pay for these in cash and a typical auction goer sees 40-50 homes before they find one that suits them. 
    2.  Work with a real estate agent.  All realtors have access to foreclosure lists through the MLS.  These are homes that are bank owned and are currently listed for sale.  For example, right now, there are 1,412 bank owned properties on the market right now for sale.  

    Typically, buying bank owned properties require cash to get the best deal.  Also, I don't recommend an REO purchase to be your first home.  If you would like to talk about this in detail offline, feel free to give me a shout.  

    -Paul Shao
    RE/MAX
    paul@paulshao.com 
     
  4. You have chosen to ignore posts from MarketSurfer. Show MarketSurfer's posts

    Re: How to find REO and foreclosures in MA?

    Also, I don't recommend an REO purchase to be your first home. 
    -----------------------

    why not?
     
  5. You have chosen to ignore posts from hazel1222. Show hazel1222's posts

    Re: How to find REO and foreclosures in MA?

    Hi,
    I would also caution you regarding purchasing foreclosed properties in light of the recent SJC ruling. You can read about it here.

    http://www.boston.com/bostonglobe/

    In my experience with my clients, properties auctioned on the front steps tend to go for fair market value. Buyers at the auction are prepared to pay fair market value and bid the price up. Buying a foreclosed property isn't always the steal that people think it is. And the potential legal pitfalls are daunting. They are now saying that some people who bought foreclosed properties don't legally own them due to sloppy bank practices.

    Better to work with an agent who understands the market and can help you target homes that are aggressively priced for a quick sale.

    Sandy Balzer Tobin, ABR
    Coldwell Banker, Needham
    sandy.tobin@nemoves.com
     
  6. You have chosen to ignore posts from BrokerMike. Show BrokerMike's posts

    Re: How to find REO and foreclosures in MA?

    It seems that this forum is getting to be used by real estate agents as a free and easy way to troll for potential clients, which shouldn't be happening.

    Since I'm 3,000 miles away and a real estate broker managing a real estate office with over 90 agents, I am higher up on the food chain than a real estate agent, who has to work for a broker, no matter where they are located.

    This is not to say that there aren't plenty of great real estate agents or agents who do a great job, but just don't want to get bogged down by becoming brokers and dealing with all the personnel and business issues that are needed o run an office.

    As to your question as to buying a REO or foreclosure.

    1. Many agents do not know how to effectively sell REO or foreclosure properties. There are many more hoops we have to jump through compared to selling a "vanilla" property the way we've always sold them.

    Unless an agent has specialized training in selling these types of properties, an agent will only tell you all the many downsides of buying such a home, as they don't want to expend the time, money or training needed to sell them, unless they live in an area with tons of such types of homes. Phoenix, Bakersfield, Stockton, Las Vegas, Florida, etc.

    2. Unlike the typical sale of a local home, where an agent only has to deal with the seller and the agent on the other side of the transaction, dealing with a REO or foreclosure with an out-of-State bank that we never meet in person, their ever changing and stressed out staff, plus the bank negotiators, is a much different kettle of fish and this involves a different skill set.

    It's not rocket science - nothing in real estate is, for if it was, we wouldn't have nearly 2 million people having a real estate license - but it comes down to the fact that we have a good probability that a REO or foreclosure sale will not close! At best, it is often a sale with a lot of work and can take a long or very long time to close.

    Since my agents do not get paid until they sell a home, most can not afford to deal with clients who wish to buy a REO or foreclosure.

    That is the real reason, the main reason, for most of the doom and gloom remarks you've heard by agents that tell you not to entertain buying a REO or short sale.

    There are issues in buying any home - REO or otherwise - but if you get an agent who sells a lot of REO's and get yourself a Real Estate Attorney who deals
    with such properties, he/she will craft a purchase and sale agreement that will address any issues which could become a problem.

    Remember that agents are salespeople only on commission and sometimes our interests and yours can be at cross purposes.

     
  7. You have chosen to ignore posts from hazel1222. Show hazel1222's posts

    Re: How to find REO and foreclosures in MA?

    BrokerMike, perhaps you speak from your own experience with your own clients. However, I know many agents who consider themselves professionals in their business, invest in advanced training to broaden their knowledge and improve their skills and do their best to serve their clients with honesty and integrity. I for one resent your frequent blanket remarks that real estate sale professionals are only out for themselves. You do a disservice to your profession and the thousands of sales professionals out there working hard to overcome just such sterotypes that you persist in spreading and who are working hard to build trust and accountability with their clients.

    Sandy Balzer Tobin, ABR
    Coldwell Banker Residential Brokerage
     
  8. You have chosen to ignore posts from BrokerMike. Show BrokerMike's posts

    Re: How to find REO and foreclosures in MA?

    Sandy Balzer Tobin, AKA hazel1222 wrote:  You may resent my frequent blanket remarks that real estate sale professionals are only out for themselves, but since I manage an office with over 90 agents doing nearly $1 billion, I witness every day the lack of professionalism that is part and parcel of this industry. You choose to ignore it or defend it or don’t know any better? Maybe the job or the industry you came from prior to real estate wasn’t very complex and/or real estate is your first quasi-selling job? If you had a sales job of any type before selling real estate, did you also “work for free until you sold something” as we now do as real estate agents?

    Your hair dresser has to go to school and take over 1,000 classroom hours to get a license to cut your hair and you only took a 24 hour course to get your real estate license. Now you are a real estate professional. In CA it takes much longer to get a license, but nevertheless, how the public perceives real estate agents is due to the many systemic problems that we cling to instead of bringing our licensing into the 21st century. 

    National opinion surveys rank agents along side used car salesmen and though there are great and honest used car salesmen, there are also many great and honest real estate agents. I’ve never said otherwise. I only point out what everyone knows and don’t cut and paste saccharine boiler plate “how to select an agent” and think I’m performing a public good. 

    What many sellers often don’t realize is that our present compensation model as independent contractors on straight commission is such that many agents won’t fight for an additional $10,000 – or more – as it is not in the best interests of a majority of agents. 

    Example. If a listing agent gets an offer for $10,000 less than the seller needs or wants, many will do whatever it takes to convince the seller to take that deal. Why? If the agent is on a 50% - 50% commission split, he or she will only make an additional commission of less than $200, but if the buyer walks or doesn’t make a counter offer, the deal is gone and it’s back to holding open houses, paying for advertizing and spending more time with the home. 

    The seller is out a net of $10,000 and the agent only loses under $200. This incentive/commission model is not used anywhere except in real estate or low level “draw against commission” low level selling companies. 
     

    You wrote: “You do a disservice to your profession and the thousands of sales professionals out there working hard to overcome just such sterotypes that you persist in spreading and who are working hard to build trust and accountability with their clients”. 

    Since you don’t know how to properly spell “stereotypes” or use spell check, a misspelling – if done on a resume, a sales proposal, a legal document, a speeding ticket, would show the client, the judge, etc. that the person they were dealing with is not thorough or a “professional” and that they didn’t take the time to check their work.
     
  9. You have chosen to ignore posts from BrokerMike. Show BrokerMike's posts

    Re: How to find REO and foreclosures in MA?

    Dotgirl3 wroteBroker Mike: Your comments show that you have not recently dealt with REO in Massachusetts or any other state. We are subject to a huge court decision that impacts the buyer's ability to finance REO properties and resell them down the line. Right now even the best attorneys that have years of experience with REO don't know how this is going to play out”. 

    Correction. I don’t sell real estate and/or REO’s in MA. However, I’ve been selling REO’s and foreclosures and my agents have been doing the same out here in the Bay Area for the 4.5 years. Ever since the bubble started to burst in the outlying areas.  

    Unlike you in MA, CA. does not have a “2 step sales process”. We go straight to purchase and sale and we have our title companies – at no charge to us! – give us preliminary title reports, which you do after the fact, only through a Lawyer and for a fee. I find your method(s) of listing and selling very ancient and very much the way it was done out West back in the 1970’s. We’ve moved on and you haven’t. 

    I know all about the Ibanez case. I would venture to say that not one real estate broker, REO/Foreclosure Specialist or mortgage broker in the U.S. doesn’t.  

    I agree with you that there are many considerations one must take into account when buying a REO or foreclosed property nowadays, however from my vantage point, I find that nearly all agents simply do not have the education for that side of the market, skill set, expertise or the basic desire to work with a client who wants to buy such a property. It is not a straight forward deal and it requires more work, more energy and the very real possibility that the sale will drag on and on and very well might not close – which means we agents/brokers won’t get paid! 

    That is the real issue. The agent getting or not getting paid. If agents were on a salary, benefits plus commission, then our clients would get better service.

    Our commission/compensation model does a disservice to both we in the industry and that directly impacts our clients.  
     
     
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