Buying a Cookeville Foreclosure: Some Agents Don't Have a Clue!
Lets face it, buying a foreclosure can be a difficult process. Almost every bank or institution has it's own set of requirements and unique negotiating strategies. Consumers seem to know intuitively that the process may not be easy, but they expect their real estate agent to understand the process and guide them through it.
As an agent who lists foreclosures in Cookeville and the surrounding area, I work with a wide variety of local agents. If there's one thing I can tell you, it's that there are a whole lot of agents out there who don't have a clue about the process of helping someone buy a foreclosure. Every time I list a foreclosure, I carefully include instructions about exactly what is required to present an offer. I do this to make the process a little less confusing for the buyer's agent, and also to make my life a little easier. Does it work? No. In fact, I'm starting to wonder if anyone can still read!
Take for example, a phone call I had today. The agent told me her client's entire financial history, including a recent bankruptcy. She told me how much money they had and what they could afford to spend. Based on that information, she asked, "Do you think they can qualify to buy?"
WOW! Not only did she destroy any negotiating position her client might have had, but she also revealed that she has no idea how to help her client get started in the pre-qualification process. This is someone with 20+ years in the real estate business! I really feel for this buyer.
After a moment of stunned silence, I explained to her that she must first get her client to a loan officer and get pre-qualified. Almost all banks require a pre-qualification letter or proof of funds to be submitted with any offer. They aren't in the business of taking homes off the market for someone who "might" be able to buy. Any agent who's ever helped someone buy a foreclosure should know this. It's foreclosure buying 101.
Another common mistake I see involves the "AS IS" clause of a foreclosure sale. I can't tell you how many agents I've encountered who tell the buyer this means they can't have a home inspection. Nothing could be further from the truth. You can bet your bottom dollar my clients get a home inspection when buying a foreclosure in Cookeville or the surrounding area! Many of these homes have been sitting empty for who knows how long. You'd have to be mad as a hatter to skip a home inspection! (Or believe that you can't have one because that's what your agent told you.)
If there's one piece of advice I would give to anybody planning to buy a foreclosure, it's this:
Choose an agent who has solid experience in dealing with foreclosed property. Your wallet will thank you.
Are you interested in purchasing foreclosures in Cookeville or the surrounding area?
Cookeville TN native. A full time, full service agent for the entire Upper Cumberland region of Tennessee.
American Way Real Estate Co.
931-526-9581 Office phone, 931-528-6569 Office Fax
Virginia Kail- real estate agent, Cookeville TN