Brokers Blog

Buyers used to just look for homes that are in the “move-in” state. But home brokers are feeling some changes as home buyers are now also looking at repossessed properties in the market.

Home brokers noted that almost 50 percent of home sales in the Atlanta area involve bank-owned properties or distressed houses that will be facing foreclosure soon. This type of homes seems to gain more popularity in the market nowadays.

Around 6 years ago, foreclosed properties consist only a small segment in the resale market. It was then too small that it does not have a specific subcategory in computer listings. But now, the MLS have a specific category for bank-owned homes and large firms have home brokers and agents that specialize on repossessed properties.

So, why is there a shift in bank-owned home purchases?

• The number of repossessed houses and homes facing foreclosure has multiplied. Foreclosure trackers say that there are about 10,000 homes facing foreclosure in the metro area alone.
• Bank-owned homes are not only found in unattractive neighborhoods anymore. They are now found all over the metro. It seems that bad loans are not among the undesirable neighborhoods anymore.
• The government has attractive offers for home buyers that will purchase foreclosed homes. Like the Federal Housing Tax Credit worth $8,000 for home buyers that will have their purchase within the year, provided that they have not owned a house within the last 3 years.
• Then, there is the Georgia Dream Loan that offers home buyers to avail a $14,000 down payment assistance package. But only 1st time buyers who choose a bank-owned property can avail this zero-interest mortgage that is forgivable for six years.
• But the best reason is the bargain. Bank-owned homes are more affordable, and are even better when it is located in good neighborhoods. Some of these properties may some retouches and repairs that can reach $10,000, but needs nothing really major.

So if you are one of these home buyers considering bank-owned properties, find a home broker that specializes on this type of homes. With the broadening market of repossessed homes, you may need a home broker to help you find the perfect purchase that is in a great location and is still within your budget. So, find a brokerage that has a specific foreclosure department.

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For Florida-based real estate brokers, who find themselves deprived of their commission because the commercial property sellers refuse to do so, you should know that you actually have lien rights as given by the state legislature in 2005.

The said lien will be attached to the net sale and not on the commercial property, which means that the buyer gets the title lien-free and the lien is only applicable during the signing of the contract – the time when the commission of the real estate brokers is earned.

However, real estate brokers should be aware that the lien right is only for the specific broker indicated in the brokerage contract and can never be sold or factored. This also means that the lien right can not be assigned to another party aside from the broker and the seller.

Commercial real estate brokers should also inform the commercial owner regarding the lien rights involving commissions. Failure to give full disclosure can result to waiving of the right under the said statute.

In order to enforce the lien, real estate brokers should not forget to give the closing agent and commercial property owner a commission notice, signed and sworn in front of a notary public. The notice should also include pertinent information such as owner’s name, property description and address as well as the name, address, contact ant licence numbers of the real estate broker. Of course, the effectivity date of the brokerage contract and statement of the Florida statute that involved lien rights for broker commission. The commission notice is then recorded at the local Clerk of County after all the parties have been furnished with their copies.

The lien rights involving commission have certainly given commercial real estate brokers a powerful means to collect their commissions.

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