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Published on 10/10/08
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Real-estate agents suck up a lot of money—thousands of dollars for even the least-expensive homes—but can you find a good deal without one? Only if you’re willing to do a slew of research.
Start at Realtor.com, which lists every property on the market, and narrow your search to, say, a three-bedroom, two-bathroom condo in Lakeview. Head to open houses on your own, and if you like what you see, propose a deal with the listing agent.
Want a deal and thrive on risk? Check out the foreclosures—sadly, there are about 550 properties that foreclose each week in Cook County. Buy a subscription to a foreclosure list (realtytrac.com, 800-306-5997; $50), but keep in mind you may not be able to see the inside of the home before you buy. Often, the bank had to force someone out of their home, so you can understand why you wouldn’t get a private viewing. If you’ve got the cojones, go to the Cook County Courthouse (118 N Clark St, room 120, 312-603-5050) and find the “lis pendens” filings for a list of homes that are in default, then show up at the home. If you time it right—after default, but before the owner is forced out—you can ask the owner for a private viewing and sale (the owner would most likely make more money out of the transaction this way).
For those squeamish about profiting from someone’s misfortune, consider this: If you buy the place at a fair price, you’re really just helping that person out of a jam. There, don’t you feel better now?
Chris
Thu, Mar 20, at 11:19am
And on another note - typically - you are nothing out of pocket for buyer representation. You might as well have someone on your side doing the work for you. The trick is - you have to know who is on your side - and who isn't. It isn't the buyer agents.... touted by the mega brokers..... it's the exclusive buyer agents... www.naeba.org
Chris
Thu, Mar 20, at 11:16am
Good comments on the foreclosure auction stuff however... Sure - you can do anything yourself - but that doesn't necessarily mean that you are saving money.... You might be losing your shirt if you don't do a good CMA - or you give up info. to the other party that gives them the upper hand - & you don't have someone getting the due diligence on the seller's situation & motives & up and coming "bad things" in the area. RU a contract clause expert? Time is money. Calculate what your time is worth
Chris
Thu, Mar 20, at 11:08am
Unfortunately - over 50% of the stuff you see on Realtor.com has been sold a long time ago. It isn't very up-to-date. Proposing a deal with the listing agent is one of the worst things you could do. They are on the seller's side and will rake you over the coals. A professional negotiator is worth their weight in gold (if you can find one..)
