Home Buying in Nipomo>Question Details

Delia Bernst…, Home Buyer in Nipomo, CA

Can you buy a "foreclosure" without a realtor?

Asked by Delia Bernstine, Nipomo, CA Fri Nov 30, 2012

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10
The seller is responsible for paying the commission. As the buyer, its free, why would you not want to use a realtor?
0 votes Thank Flag Link Mon Dec 30, 2013
I would think you would not want an agent IF you knew the property well and IF you could offer the $20,000 commission cost to the bank to reduce their costs against your offering price. Does that make sense?
Flag Tue Feb 23, 2016
You do not need a buyer agent to purchase a property but unless you are 100% experienced with buying bank owned homes, you should have one who IS experienced to guide you. Most bank owned homes are listed through local agents unless it is a auction. So odds that no agents are involved at all, is thin.
0 votes Thank Flag Link Sun Dec 29, 2013
Technically, you can but it would be much easier if you have a good agent on your side unless you consider yourself an expert in real estate transactions.



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CFS Mortgage
http://www.whywaitbuytoday.com
0 votes Thank Flag Link Sun Dec 29, 2013
What do you mean by a Foreclosure, afte the court ordered sale? During the law suit? Deed in Leiu
0 votes Thank Flag Link Thu Dec 26, 2013
Yes, you can buy a foreclosure without a Realtor.
0 votes Thank Flag Link Sun Dec 2, 2012
I live in Alabama how can I to this. I have money to put down the rest is coming out of 401k
Flag Sat Jul 27, 2013
It's best to have your own REALTOR who is looking out for your best interests, whether you're buying a foreclosure, short sale or any other home. Your REALTOR will not only be looking out for a good "deal" for you, which is the main reason people are interested in foreclosures, but also that it's the right home for you. And, these days with inventory so tight, you may be making an offer on a property that has multiple offers. Having a trusted REALTOR on your side to guide you in the offer and in the whole escrow process is your best bet.
0 votes Thank Flag Link Fri Nov 30, 2012
You can, but honestly, it's a really dumb thing to do. You have even fewer protections and often a home in poor condition...what's your motivation to do so?

Banks pay for the buyer's agent once the home is on the mls....

To answer your question...you can. I would invite you to examine your reasons, and reconsider.
0 votes Thank Flag Link Fri Nov 30, 2012
You can buy a foreclosure home without a REALTOR®, but it is not an easy task. Most if not all foreclosure properties are bank owned properties. Those banks have business related relationships with REALTORS® who they list the property for sale with a REALTOR®. If you can find a foreclosure that is owned by a private investor that does not have the property listed with a REALTOR®, then you might ne able to buy it directly from that investor. The real question though is why you would attempt that. Most foreclosure properties are sold "As-Is" with the seller not doing any repairs. Most people buying homes need to get a loan in order to purchase the home. Most banks that loan on a home require that repairs have to be done before escrow can close. A good REALTOR® will guide you in the process and protect your nest interest. They also know before the average person when a foreclosure property is coming on the market. You cannot rely on those internet foreclosure websites to know for sure if a particular property is really still available. In our area in San Luis Obispo County, many foreclosure properties ans Short Sale properties are receiving multiple offers and selling fast. You should find a reputable REALTOR® who has foreclosure and Short Sale experience..
0 votes Thank Flag Link Fri Nov 30, 2012
A bank cannot sell a home without using a licensed real estate broker. So, you cannot go to a bank to buy it directly.

Having said that, why would not have a licensed Broker represent you? I can see no advantage to try to represent yourself with one of the most important investments you will ever make. You will not save any money or get a discount because banks list and sell homes for the close to or at the appraised valued.

I would be happy to help you find a home and if the home is a bank owed or short sale home, I will be able to guild you through the very arduous process and it will cost you nothing for my service.

Please give me a call at 805-471-0828 or email me at David@Dnorwood.com – Also, you can go to my web site and views homes that are bank owned or short sales at http://www.dnorwood.com/Forclosures.aspx
Web Reference: http://dnorwood.com
0 votes Thank Flag Link Fri Nov 30, 2012
Of course. It's a free country which means you're free to spend your money pretty much however you wish. Whether it would be in your best interest to make such a huge investment of money and debt without expert assistance would be another question. After 25 years in this business, having trained scores of agents and specializing exclusively in serving home buyers, I would not represent myself in a home purchase. I would hire an agent just like I did the last time we bought.

You would also be well-advised to define what you mean by "foreclosure." If you're talking about buying at the trustee sale you'd better do some very serious research about the many potential disasters you will need to avoid. Some folks do this successfully but many of them do this as a business and are very well versed in protecting themselves. If you're talking about buying it after the lender has taken it back, it will generally be listed for sale and you may have a broker representing your interests without costing you any additional money.
0 votes Thank Flag Link Fri Nov 30, 2012
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