Home Buying in 62692>Question Details

Scrogs, Home Buyer in 62692

I am interested in buying a foreclosed home owned by the bank. This is the only home I'm interested in. Should I hire a real estate agent to?

Asked by Scrogs, 62692 Mon Nov 9, 2009

represent me or can I do this on my own?

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Let's see -- you can try to represent yourself or you can enjoy the professional services of a Realtor and more than likely pay nothing yourself for this representation since the REO lender will pay the commission. The bank will be using a Realtor to market and sell the property, so you should also. The bank values the services of their Realtor representative and when you stop to think that they probably know a great deal more about real estate than you do yet chose to work with a local Realtor, you should take the clue to guide your own choice.

Definitely establish up front that the Realtor does not intend to charge you any fee for services but will accept the commission to be paid by the bank. In many states, the Realtor who is working for the bank can also assist you with the sale. In other states, the seller's Realtor may not also assist the buyer.

Do you know a Realtor who works in the area where this home is located? Do you know and respect a particular real estate company? You can also ask friends who have been pleased with their Realtor.

Bottom line is YES, hire a Realtor who will work for your best interests even though the seller is paying for your Realtor services. Every home buyer should follow this advice.
0 votes Thank Flag Link Sun Oct 17, 2010
Hi Scrogs, it is a great idea to hire a knowledgeable professional to help with this transaction, especially since the seller (here the bank) is who pays.

For more information check out my blog - Top 10 Reasons to Hire a Real Estate Agent. Link below. Good luck!
0 votes Thank Flag Link Sun Oct 17, 2010
Yes, there are so many things that you might not be able to find out about the property without a Realtor.
If property is on the MLS, most probably there is a Commision included for the Buyers Agent. You migh need to pay a broker administration fee or similar, but is very low.

0 votes Thank Flag Link Mon Nov 9, 2009
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