St. Charles Realtor specializes in foreclosures

Brandy Bendix of Baird and Warner's St. Charles office has specialized in foreclosures, or REOs - real estate owned properties, for the past four years.

Her job begins when a foreclosure notice is sent. The lender hires her, through a middle man, to offer $1,500 to the owner or renter to vacate the premises within two weeks. The money is traded for the keys and is meant to be used to secure other housing. Most people agree to this option, Bendix said.

Those who refuse to vacate are evicted. The sheriff, a locksmith, movers and Bendix meet at the property at an appointed hour and the occupants are evicted with all their belongings placed at the curb. Most municipalities give people 48 hours to remove the items from the curb, but many times scavengers take the items before the owner has time to remove them.

After the home is vacated, Bendix does a market analysis on the home, relaying to the lender her opinion of what the house is worth, along with a list of what needs to be repaired. A second opinion is always obtained from another Realtor so that the lender can be sure of the value.

The lender has the option, Bendix said, of listing the property "as is" or making the needed repairs. If they choose to make repairs, Bendix is charged with hiring contractors and overseeing the work.

Once the home is actually on the market, Bendix treats it like a standard listing, submitting detailed monthly reports and doing updates of her price opinion every 60 days.

Once the lender gets an offer, most of the 10 banks Bendix works with are quick to respond.

"If it is a cash offer we can close in two weeks. If (buyers) are getting conventional financing, it can take as little as 30 days and if they are going for FHA financing it takes about 45 to 60 days," she said.

For all of this work, Realtors like Bendix get no more than the standard 6 percent commission.

"I do it because this is the part of the business that I really like," she said.

- Jean Murphy