Banks Have to have agent to represent them. When the realtors take the listing off the market, they are following the instructions of the bank. Going the bank directly will not do you any good.
Francesca, Broker Sales Associate
Most bank owned properties are not sold directly to the buyer. Usually they end up in a sheriff sale as a foreclosure and sold at auction at a sheriff sale.
Some REO's (bank owned) are listed with an agent chosen by the bank who holds the mortgage. If the house was listed with a Realtor, and you saw the house using a Realtor, call the agent who showed it to you, and have them call the listing agent and find out why it's not longer "on the market"
I have a feeling this may have been a short sale, which IS NOT bank owned just yet, and that's a different situation than a true foreclosure. However, even in a short sale situation, the bank will only correspond with a designated contact person, typically the listing agent, but sometimes the owners attorney. They still NEVER deal with a buyer directly.
Oh and not to be picky but its Realtor and through (a pet peeve of mine)
Focus on finding a very good agent to represent you rather than spending time trying to justify working on your own. A good realtor will be a huge help to you in negotiating and guiding you to close. And it is the seller that pays commission to both listing and selling brokers.
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Most banks won't deal directly with potential buyers.
If it weren't bank-owned--if it were a conventional listing--then you'd deal with the listing agent. So, basically yes.
If it were a FSBO (for sale by owner), you could deal with the seller directly, without using a Realtor.
Hope that helps.
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Financing Kentucky One Home at a Time
In comparison, a developer/builder that owns a new home development, with model homes, either has direct employees who hold real estate licenses, or contracts with a real estate brokerage. Either way, the point of contact with the buyer and public is with a licensed real estate agent. The same would hold true for a bank. If the bank wanted to handle sales of properties in-house, the bank would need to employ licensed real estate agents. Whether the real estate licensee is contracted or an in-house employee, the bank has a cost on their end to handle the sale. I am not familiar with any banks who retain in-house licensees to process their retail sales to end buyers. There are legal restrictions that are prohibitive for that, as well.
The best advice is to find a buyer broker who will guide you a buyer. Working with someone who puts your interest first will yield you the best results. If/when you call the list agent of a bank owned property, that list agent has a legal obligation to work on behalf of the bank to sell the house for the most money the bank can get. Their goal is to sell one of the properties owned by the bank to whoever they can find to buy these properties. Many real estate agents who work representing banks do not like to work with buyers; some will. The agent who contracts with the bank to sell the bank's properties does not have a goal of getting you the best the deal.
If you hire a buyer agent to work for you, their goal will not be to sell a specific house to you; their goal will be to find you the best property that meets your needs and budget.
It would be extremely unlikely for the bank to deal with you directly. TO be honest if you contacted them I'd be shocked if you could find anyone who even knew what you were talking about, I don't want to get started on how poorly managed and ignorant banks are of the properties they have foreclosed on, but will tell you from decades of experience, that when it comes to their real estate holdings the lights on and no one's home.
I would not directly contact the former listing agent as their more interested in the bank and future business than they are in assisting you to get the best possible deal. I would find an experienced buyer broker who is familiar with dealing with foreclosure sales and have them contact the former listing agent to present your offer.
I wish you all the best.
The situation you describe is not likely. Banks don't have the time or resources to be dealing directly with potential buyers - fielding endless questions and arranging showings for them. They almost always use a listing agent.
Furthermore, most asset managers handling the properties for the banks - aren't anywhere near the property itself. They have no knowledge of the local market - and depend on the listing agent to ensure it's priced accordingly.
If you are asking can you purchase a bank-owned property without a real estate agent - the answer is yes. However, you most likely won't be getting an type of "discount" for doing so, so you may as well have an agent represent you.
Hope that helps.