<p><a href="http://stlouis.blockshopper.com/agents/1871-evren_senol" target="_blank" title="Senol">Evren Senol</a> does his best to stay on top of the real estate industry, from taking classes on the foreclosure market to his newest amenity&mdash;a service that uses your cell phone's GPS to tell you what properties around you are for sale.<br /><br />Senol spoke with BlockShopper.com about <a href="http://stlouis.blockshopper.com/cities/town_and_country" target="_blank" title="T&amp;C">Town and Country's</a> foreclosure market and why he prefers to see it as a distressed home market.<br /><br /><strong>BS: Is the foreclosure market big in Town and Country?</strong><br /><br />ES: I know of at least five foreclosure properties in Town and Country. There are definitely bank-owned properties and there are three that are trying to work out a short sale. Of those three, one of them is going in the $500,000 range, one is around $550,000 and the third is asking $875,000. That last one was a property that was purchased for $1 million a few years ago. So there are definitely properties out there.<br /><strong><br />BS: Are those prices typical for St. Louis?</strong><br /><br />ES: I think, from what I've heard, that only 15 percent of the homes in the St. Louis market are priced about $450,000, so all of these homes are more in the luxury market. There's been an increase in the higher priced distressed properties lately, too. I have one colleague who has a property listing that has a $900,000 loan on it that they're trying to move through a short sale for around $500,000.<br /><br /><strong>BS: How do you keep yourself educated for dealing with foreclosures?</strong><br /><br />ES: I prefer to use the term distressed property, because if I can help prevent the foreclosure, however possible, that's what I try to do. To stay on top of that part of the business, I go to seminars and classes. I'm always learning and studying. From a monthly investment meeting, I've gained investor contacts. I also have experience in listing short sales to buying foreclosed properties themselves.<br /><br /><strong>BS: What do you do to prevent foreclosure?</strong><br /><br />ES: For homes in pre-foreclosure, I try to arrange a short sale with the bank so the property gets sold and the bank gets paid. That's a win-win situation. After that stage, you obtain offers and try to negotiate with the bank to figure out the value of the home and what the bank is willing to take. This requires knowledge of both the homeowner's financial situation and assets, as well as their overall financial health. And that depends on what the market value of the property is in that area.</p> Have a real estate-related question? Send Evren Senol an email !