Novices interested in buying foreclosed houses should find a good local agent specializing in that area, says Steve Berges, a seasoned renovator of distressed homes and author of real-estate investing guides including “The Complete Guide to Flipping Properties” (John Wiley & Sons, 2003).
He says many real-estate brokerages have agents who are experts on foreclosed properties. Some of them advertise that skill in local real-estate publications. Agents who work regularly with banks in finding buyers for foreclosed homes should be able to let you know what’s available and guide you through what can be a complicated process. Try to find someone experienced in your market who can recommend an agent.
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