Agents specializing in REO/Foreclosed Properties

Hello Brownstoner Community,   Do any of you wonderful folks have recommendations for honest, reliable real estate agents with specialized knowledge of purchasing REO/foreclosed properties? We are looking to buy our first home in the Fort Greene, Clinton Hill, Bed Stuy area and would love some recommendations of excellent agents to work with. So many of the agents out there seem sleezy!   Thank you so much in advance! This forum has helped me on so many occasions in the past and I imagine it’s going to be even more helpful now that we’re ready to buy!

Greene44

in Real Estate - Sales 13 years and 3 months ago

6

Please log in, in order to post replies!

6 replies

Newest Oldest

pearlstoh | 13 years and 3 months ago

string(1) "1"
object(WP_User)#4876 (8) {
  ["data"]=>
  object(stdClass)#4864 (12) {
    ["ID"]=>
    string(5) "73713"
    ["user_login"]=>
    string(9) "pearlstoh"
    ["user_pass"]=>
    string(34) "$P$BpilTagXDSgEoOtohF5qEqk8yjtPVr."
    ["user_nicename"]=>
    string(9) "pearlstoh"
    ["user_email"]=>
    string(21) "l_a_donegan@yahoo.com"
    ["user_url"]=>
    string(24) "/forums/users/pearlstoh/"
    ["user_registered"]=>
    string(19) "2010-09-18 01:02:08"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(9) "pearlstoh"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(73713)
  ["caps"]=>
  array(2) {
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(2) {
    [0]=>
    string(10) "subscriber"
    [1]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(4) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

Whoops! Hit the wrong button and accidentally deleted my previous post about Ken MacBride and your question. Not sure if my house was officially an REO or some other term, but I bought it from a bank who I believe had bought it at a foreclosure/short sale. All I know is the previous owner defaulted on their mortgage shortly after purchasing the place for $1.4 mil and their lender foreclosed on them. The house was a rundown SRO that hadn’t been touched in decades, but by the time I bought it it had been vacant  for almost 18 months (the bank bought out the tenants) so getting the Certificate of No Harrassment wasn’t too painful (4 months from filing). My home is in Harlem, so Ken’s involvement was a bit of a fluke since he deals almost exclusively with Brooklyn (born and raised there too). Tell him Lisa says ”hi”.

Kateruba | 13 years and 3 months ago

string(1) "1"
object(WP_User)#4875 (8) {
  ["data"]=>
  object(stdClass)#4874 (12) {
    ["ID"]=>
    string(6) "110506"
    ["user_login"]=>
    string(8) "Kateruba"
    ["user_pass"]=>
    string(34) "$P$BrNZIKQ.QHfs2l3.JGI0rwv0B98.RI/"
    ["user_nicename"]=>
    string(8) "kateruba"
    ["user_email"]=>
    string(22) "katerinamooo@gmail.com"
    ["user_url"]=>
    string(23) "/forums/users/kateruba/"
    ["user_registered"]=>
    string(19) "2017-08-10 14:33:04"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(8) "Kateruba"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(110506)
  ["caps"]=>
  array(2) {
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(2) {
    [0]=>
    string(10) "subscriber"
    [1]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(4) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

I don’t know of any agents, and it seems to me that it would be difficult to find good, hard working, non-sleazy, knowledgeable agents who would be willing to do this kind of work. Mind you this is just my speculation, but I think that since agents work on commission, it wouldn’t make sense for them to invest energy into something that is not going to have as great of a payoff (commission-wise, a slice of a smaller pie) that requires a lot more work and uncertainty than a straightforward conventional sale. I have done some research on this, as I’ve considered doing the same thing; I am no expert, but this is the impression I got: the best way for a non-developer layperson to accomplish this is to do the work yourself. By the time you see listings for short sales or foreclosures, all the good stuff has been picked through by developers. Sign up for a professional ($900/yr or so) property shark account and find information on property owners who got a lis pendens (“lawsuit pending” – banks can do this after 3 months of default on a mortgage, and they can only start court action to foreclose after (I think) 16 months. Homeowners have that interval of time between lis pendens and foreclosure proceedings to do a short sale) Once you find homeowners who have been issued a lis pendens, you have to contact them (you can hire a laywer to do this, but I am sure it will be very costly…) and gently ask if they’d like to sell their house to you. Yes, it does sound pretty vulture-like and shady, but it’s not unethical : these people are in trouble, and a short sale is better than a foreclosure for them.

Greene44 | 13 years and 3 months ago

string(1) "1"
object(WP_User)#4871 (8) {
  ["data"]=>
  object(stdClass)#4877 (12) {
    ["ID"]=>
    string(6) "107732"
    ["user_login"]=>
    string(8) "Greene44"
    ["user_pass"]=>
    string(0) ""
    ["user_nicename"]=>
    string(8) "Greene44"
    ["user_email"]=>
    string(19) "jtaratoot@gmail.com"
    ["user_url"]=>
    string(0) ""
    ["user_registered"]=>
    string(19) "2011-01-07 23:01:28"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(8) "Greene44"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(107732)
  ["caps"]=>
  array(0) {
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(0) {
  }
  ["allcaps"]=>
  array(0) {
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

Thank you, qbert. I also just wonder can anyone recommend good real estate agents in general? Not necessarily with REO experience.   I’ve read a lot of the previous threads on REO/foreclosed homes and while I understand it’s quite difficult, I do see a lot of agencies offering short sales, etc in the neighborhoods i’m interested in. We also have time on our side – no rush to be in a new place, and are quite flexible with cash. In any case, I’d appreciate hearing about any agents the community is fond of! Thank you 🙂

fractalogical | 13 years and 3 months ago

string(1) "1"
object(WP_User)#4876 (8) {
  ["data"]=>
  object(stdClass)#4878 (12) {
    ["ID"]=>
    string(5) "73067"
    ["user_login"]=>
    string(13) "fractalogical"
    ["user_pass"]=>
    string(0) ""
    ["user_nicename"]=>
    string(13) "fractalogical"
    ["user_email"]=>
    string(17) "drhagus@yahoo.com"
    ["user_url"]=>
    string(20) "/forums/users/qbert/"
    ["user_registered"]=>
    string(19) "2017-08-10 14:30:02"
    ["user_activation_key"]=>
    string(20) "bqzsS6Umxwc11eBXoy0H"
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(13) "fractalogical"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(73067)
  ["caps"]=>
  array(2) {
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(2) {
    [0]=>
    string(10) "subscriber"
    [1]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(4) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

There are a number of older posts on the perils of buying REO/foreclosed properties. Unless you have some sort of inside track, you will have a hard time competing against the professional investors even if you are a cash buyer. Also, working out short sales with banks can be extremely frustrating, and deals often fall through after months of waiting for a decision. Bear in mind that most discounted properties come with issues (DOB, etc.) that may require a substantial investment of time and money to resolve. As with most aspects of NYC life, your personal relationships with insiders are the key to obtaining bargains since the open market here is generally very efficient.

Greene44 | 13 years and 3 months ago

string(1) "1"
object(WP_User)#4877 (8) {
  ["data"]=>
  object(stdClass)#4875 (12) {
    ["ID"]=>
    string(6) "107732"
    ["user_login"]=>
    string(8) "Greene44"
    ["user_pass"]=>
    string(0) ""
    ["user_nicename"]=>
    string(8) "Greene44"
    ["user_email"]=>
    string(19) "jtaratoot@gmail.com"
    ["user_url"]=>
    string(0) ""
    ["user_registered"]=>
    string(19) "2011-01-07 23:01:28"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(8) "Greene44"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(107732)
  ["caps"]=>
  array(0) {
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(0) {
  }
  ["allcaps"]=>
  array(0) {
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

Wow Flatbush, what insight you offer!

biluish | 13 years and 3 months ago

string(1) "1"
object(WP_User)#4871 (8) {
  ["data"]=>
  object(stdClass)#4879 (12) {
    ["ID"]=>
    string(4) "8515"
    ["user_login"]=>
    string(7) "biluish"
    ["user_pass"]=>
    string(34) "$P$BaTZD/GSaH/ue/NHya2XeTtK89u./g/"
    ["user_nicename"]=>
    string(7) "biluish"
    ["user_email"]=>
    string(19) "biluish@hotmail.com"
    ["user_url"]=>
    string(50) "http://bstoner.wpengine.com/forums/users/flatbush/"
    ["user_registered"]=>
    string(19) "2017-08-10 14:20:51"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(7) "biluish"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(8515)
  ["caps"]=>
  array(2) {
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(2) {
    [0]=>
    string(10) "subscriber"
    [1]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(4) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

A lot of buyers are sleazy too. So entitled and sure they should have a bargain.