REO FAQ #2

Q:  What is the difference between an agent that specializes in REOs and foreclosure properties and an agent who does not?

Certifications, awards, designations mean nothing if an agent does not follow through with his duties. Unfortunately, the only way to find out if an agent follows through is by trial-and-error. That is exactly the reason why you should protect yourself by learning as much as possible about REOs and foreclosure properties as you can. There are plenty of free seminars, webinars, and teleseminars that you can look to for information.

Never hesitate to ask a Realtor simply because you are afraid that he will try to sell you his services.  Do not be afraid to ask for guidance from agents that you meet, even if he/she does not present himself/herself as an experienced REO agent. I personally believe that it is best for buyers to work with a team of agents, all of whom are experienced in REOs, short sales, etc. The REO and short sales transactions are far more complicated processes than the traditional transactions. Look to agents that work in teams that specialize in both REOs and short sales. For instance, our team of 6+ works diligently with the banks to get quick responses. Two heads are better than 1 and 6 heads are definitely more responsive and effective than 1.