When buying a shortsale, forclosed home, or real estate owned (REO or bank owned) property, it is important to have someone experienced in distressed properties working for you. You will need an agent that is current on national and state-specific information and regulations involved with these kinds of transactions, and can limit risk to you, the buyer. "Foreclosures and short sales can offer opportunities for home buyers, but it's extremely important to have the help of a real estate professional ... for these kinds of purchases," said NAR President Charles McMillan.
If you are selling a distressed property, you want an agent that can direct you to finance, tax and legal sources. It is also important to have someone in your corner that can help you qualify for short sale and negotiate with lenders.
If you are looking into buying or selling short sale, foreclosure, or real estate owned property make sure that you have an experienced realtor working for you, and make sure that they are specifically certified to handle distressed property transactions.
http://realtytimes.com/rtpages/20091105_agent.htm
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