BUYING A FORCLOSED PROPERTY
It is the thing to do these days. Buy a forclosed property. You will get value if you shop well. You will have an easy transaction if you are lucky enough to choose a property that is represented by a “Professional Realtor” who is working with an efficient Asset Manager.

My experience as a Buyers Representative Realtor has been both Good and Bad. For the most part the transactions have moved at a “normal” pace. Submit the offer, have a response within a reasonable time and a contract signed with escrow opened. However it is not always that way. If you are lucky enough to be involved with a Sellers Agent who is either overwhelmed or simply not efficient or an Asset Manager that is operating the same you will wait for weeks for an answer to your offer, if you get one, and spend a lot of time trying to get answers that never seem to come or change from day to day.

I think some of the agents and some asset managers hold on to contracts hoping to get a better offer.

So if you are thinking of purchasing a forclosed property, ask your Realtor what they know about the Listing Agent and the Asset Manager. It can save you a lot of headache and get you into a home a lot quicker.

 
Lake Havasu City Single Family Home Statistics for December 2008