Can I buy a house directly from Fannie Mae without going through a real estate sales professional?
No. Fannie Mae depends on the expertise of local real estate sales professionals and accepts offers only through our real estate listing agents. You may work with any real estate sales professional to submit an offer to the real estate agent who has listed the property.
Here is what BOA says: Bank of America does not engage in the brokerage of real estate properties.
here is what hud says: How are HUD Homes sold?
All properties available for purchase by the public are offered for sale at Internet listing sites maintained by management companies under contract to HUD. Any real estate broker registered with HUD may submit an offer and contract to purchase on your behalf. HUD pays the real estate broker's commission, if included in the contract.
HUD sells properties that you might want to buy! Read how you can buy a HUD home.
Then, check out the listings of HUD homes in your area. If you think you want to buy a HUD home, you need to contact a real estate sales professional in your area who is authorized to sell HUD homes (most are). Your sales professional will submit a bid for you.
Here is what chase says:
This site contains all Chase-Owned Properties that are currently Available for Sale. Please note that we use local REAL ESTATE AGENTS to coordinate all matters related to the potential sale of these properties. Chase does not negotiate or accept any offers directly. All Inquiries must be made to the REAL ESTATE AGENT assigned to the property
Wachovia: This website will allow you to search for Wachovia-owned properties in your area. Wachovia does not sell these properties directly. When you locate a property that you are interested in, please contact the real estate professional identified in the listing for more information.
There are laws on the books to keep Banks out of the Real estate business. Till I researched your question I didn't realize that it seems as though they can not sell their own properties.
On a second note I can't imagine a bank thinking the would be qualified to sell their own properties. Real estate is local in nature and lending is statewide to nationwide in general with the exception of the smaller banks.
I can understand not knowing the value of an agent but it seems you may need to work with one.
"Regardless of what anybody has been told, there are substitutes to having a RE agent." The bank actually saves some money by using an re agent, the BPO's are cheaper than getting seperate appraisals.
They are less likly to have an error on the contract, if there is an error it might be covered by the Brokers E&O insuance.
Commissions are not set at 6% with banks.
Carlin, people like you are the reason I have to defend my industry. Grow up or go to the disney forums.
Given Billy is looking for a single home, your best bet is to represent yourself and let the listing agent "double end" the deal so that he/she can reduce their commission down to 3 to 4% for the whole transaction which gives them added incentive to take your low ball offer.
I am proposing to contact the bank directly and telling them that if they want to cut out the middle man, we can each keep a little more of the pie. I was wondering what other people had done in the past. This is just one avenue I am thinking of, seeing how I have 7 months to a year to find a house in the location I am moving to.
You gonna use a lawyer to negotiate the sale of a bank owned property?? LOL LOL LOL
silly boy, That REO bank owned property WILL PAY a listing commission, some 6% whether or not you use an agent or not.
Banks generally do not sell the properties at the ATM, they use bank paid realtors, and they pay them a commission.
Thats right, so when you buy your bank owned property, chances are, you also paid that 6% commission
Thank you for supporting the very profitable world of real estate
I am considering using a lawyer to negotiate the price and go through with the deal, as I think this would be cheaper. It is a free country after all, and I do have that option. The other option I am considering is buying the books and spending a month getting my RE license, and then brokerage license.