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Dolores, Home Buyer in Berkeley Hills, Berk...

I've been looking at REO properties. How does it work regarding agents commission? If the agent is

Asked by Dolores, Berkeley Hills, Berkeley, CA Sun Feb 8, 2009

representing the property, do I need to get an agent?

thanks,
Lola

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Obviously, all the people saying "yes you need to get an agent" are agents. I have bought houses on several occasions directly through the seller's agent. Even though they clain to be working for the seller, they are working for themselves. No sale, no commission. If they get the sale, they get double commission.

So if they get a sale at $100,000 below listing price, the seller's agent still gets way more money than if the buyer has his own agent. You can work this to your advantage. The whole playing field is tilted in favor of the buyer right now, and the seller's agent will do whatever they can to help you buy that property, no matter what anyone says. Including dropping commission to get a deal done. That will never happen if you have two agents involved.

So if you've found a property you like, don't hand the transaction (and commission) to a buyer's agent. They're just taking your money, you don't need them, you already found the house on your own
0 votes Thank Flag Link Wed Jun 8, 2011
Yes, if you are buying a REO property you should be represented by your own agent. That agent gets paid by the seller, the same as a normal transaction, but that agent has a fiduciary duty to you the buyer, not the seller.
0 votes Thank Flag Link Sun Feb 8, 2009
Hi Lola: Yes , you should get an agent........The listing agent represents the seller and , the agent you get would represent you as a buyer and you are better represented. I would be glad to help and am avilable. Al Sovey
0 votes Thank Flag Link Sun Feb 8, 2009
GREAT QUESTION:

Listing and buyers agent are both paid at closing via seller proceeds from selling a home.

RULE of thumb: Never purchase a home direct from bank / builder / seller / listing agent UNLESS you have your own buyers agent representing you .
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Sun Feb 8, 2009
If the agent works for the seller, their goal is to get the most money for their client and protect them. It is usually a wise idea to get an agent who will act as your buyer agent and has your best interest in mind. The seller pays the commission, but check with your buyer agent to see if their company charges a broker fee. My company charges $200, but it is only paid if there is a closing and that amount is negotiable. If you work with the seller's agent, he or she will collect both sides of the commission and may not fully protect your interests.
0 votes Thank Flag Link Sun Feb 8, 2009
In Wisconsin you can call listing agent or contact another agent to represent you as a buyer's agent.
Good luck-Dawn Finger-Coldwell Banker-HomeSale Realty, Inc.Oak Creek, WI 53154
http://www.dawnshomes.net
Web Reference: http://dawnshomes.net
0 votes Thank Flag Link Sun Feb 8, 2009
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