Foreclosure in 85253>Question Details

Gary, Home Buyer in Paradise Valley, AZ

Foreclosure realtor

Asked by Gary, Paradise Valley, AZ Tue Aug 9, 2011

A house I'm interested in is a foreclosure. I know the transaction process is different than a regular sale; but must I use the same agent as the lender of the house or may I use an agent of my choice?

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12
Gary,

It is your personal choice. Some people like to use the listing agent because they feel they can get an inside deal. Others prefer to use a buyer's agent because they feel they get better representation by having an agent that is not connected to the seller.

In my experience, the listing agent can help you get the deal closed. However there is a very high probability that you may end up paying more than you could. Remember that his first responsibility is to the seller.

If you go with a buyer's agent, you will have the assurance that you are working with someone that is putting your interests first. He will probably be able to negotiate a better deal for you.

Whatever you do, make sure you work with an agent you feel comfortable with and that you can trust.

Good luck!

Jose Dias, REALTOR
(623) 418-5700
Jose@MyFirstHouseAZ.com
Realty One Scottsdale
1 vote Thank Flag Link Tue Aug 9, 2011
I recommend using your own agent because your own agent represents your own interests, not the interests of the owner, whose is greater. Lenders allow real estate agents to sell their foreclosure properties. There are agents who specialize in foreclosures, however, any agent can do it. For more information about the process please visit my site for an explanation. I educated a lot of home buyers about the process at RealtyTrac.
0 votes Thank Flag Link Wed Aug 24, 2011
Hi Gary,

You can use any agent you like, just go with one who has plenty of REO buyer-side transactions under their belt. That way you can avoid many of the pitfalls of buying a foreclosed home. A good agent can save you money on the price of the home, give you the best chance of getting the one you want, and help you minimize risks (financial, emotional and long-term) throughout the transaction.

There's some info on buying a foreclosure which I put together here: http://www.yosthomes.com/Buying-a-Foreclosure-Property

One thing I'd add to this, is that many times your REO inspection period begins the day following 'verbal agreement' or 'acknowledgment' from the seller - not when you receive the executed contract. Be sure you know when yours starts and ends.

Hope this helps. Let me know if there is anything else I could do to assist.

Emma Beyer
RE/MAX Casa Grande Yost Realty
Web Reference: http://www.yosthomes.com
0 votes Thank Flag Link Wed Aug 24, 2011
You have the right to choose your own agent.. best of luck.
Brad
0 votes Thank Flag Link Wed Aug 17, 2011
Contact a "Buyers Agent" in PV to represent you. You are in no way required to use the listing agent hired by the Lender. Good Luck!!
0 votes Thank Flag Link Wed Aug 10, 2011
Dea Gary:

No definitely not. You want to have a buyer's Realtor that represents you and your best interests. A buyer's Realtor will typically not cost you anything as the seller with pay the commission through their Realtor. The seller's Realtor is working for the seller. You need a Realtor that is working for you and will guide you through the steps you need to take to buy a bank owned property. There are often incentives to a buyer and many banks will pay your buyer's closing costs.

Jeff Masich
HomeSmart Realty
Scottsdale
Web Reference: http://ArizonaHomesLand.com
0 votes Thank Flag Link Tue Aug 9, 2011
You should always use your own agent and lender. The bank might want you to get pre qualified with their institution, but you can still use your own lender. I have represented buyers on hundreds of bank owned transactions.
Give me a call for additional information.
Thanks,
Bob Dickinson
RE/MAX Excalibur
602-527-8086
0 votes Thank Flag Link Tue Aug 9, 2011
Purchasing a foreclosure is no different than purchasing any home as is from a hard nosed seller. You may use any agent you wish. The listing agent has a direct line to the seller or seller's attorney and may be able to navigate the sale process smoothly. I list and sell bank owned properties exclusively, and help many people buy bank owned homes, as the listing agent. When that is all an agent does, they are familiar with the intracacies of the REO sale.
0 votes Thank Flag Link Tue Aug 9, 2011
Morning Gary

Always bring your own agent to the table. All good Realtors a very familiar with distressed sales so interview a few agents as you normally would and choose your Pro.

All the Best!
0 votes Thank Flag Link Tue Aug 9, 2011
Gary,

You may however the listing agent represent the seller or bank. I have worked several of these transactions if you would like further guidance.

Feel free to contact me direct.

phoenixrealtorservice@gmail.com
602-799-6846

Lucinda
0 votes Thank Flag Link Tue Aug 9, 2011
Gary

I would strongly recommend not using the banks agent, the banks agent represents the bank. By selecting a Buyers agent you will have an advocate for your interests at no charge to you in most cases.

Select a buyers agent that is full time, has long term experience and also current experience dealing with purchasing bank properties. Bank properties are unique in many ways and require knowledge to navigate correctly.

The best news is that we have some well priced homes in the Phoenix market!

Arizona Homes for Sale by a Guy from Iowa
Web Reference: http://www.McVinua.com
0 votes Thank Flag Link Tue Aug 9, 2011
You can use your own agent.
0 votes Thank Flag Link Tue Aug 9, 2011
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