The fact of the matter is that this was true in the past. But you have to understand this. Now the offers go directly to the REO Asset manager and not to the listing agent. When offers go directly to the listing agents they can hold your offer till they find a customer themselves, and sell it to their own clients. This is called bad business practice and it is un-ethical. It is not fqair to anyone, not even the sellers.
What you want to do is have an agent who will work with you and do comparables to the properties you like. You also have to see how much repairs will cost you. To see if it is even profitable for you to buy this property. You need to submit the best offer with the least amount of liability to the Banks, and you must submit the offers to close in the least amount of time.
I just closed on an REO property yesterday. My buyers beat out the competition in their offer. They paid cash and we clossed 10 days before we where supposed to close. Oh and by the way the REO listing was not mine.
Hi, I have seen your queations several times on this forum and it seems you have done your homework, but I am not sure if you are doing yourself the best service by shopping for property this way. Now it is time to hire an agent.
It is not very practical for you to as to buy REO's from an "REO Agent:. Why would you wat to limit your choices? Perhaps you are not familiar with how the listings work here in the US. All agents have access to all listings. One REO agents listing would not give you access to all REO's, why would you want to limit yourself? REO's are placed on our multiple listing serviced so that everyone has access to them.
What you may want to so is find a good agent, or one that YOU think will work best for you. That is what matters, not what lisitn gs they have. A good listing agent does not always make the best buyers agent in some cases. A buyers agent is usually more in tune to a buyers needs in and a listing agent may be concerned with getting listings and not focused on working with buyers. Generally the REO agents sit in an office and just work with banks to take REO listings and the agents in the field sell them. It can vary a bit, but this tends to be how it works now in this market.
As long as your intersts are protected, it doesn not matter which agent shows you the listings, it matters how well they do their job in making sure you have all of your contigencies in order and your contract is written correctly.
These are my suggestions, I hope it helps.
South Florida Brokers
Your idea is good at first thought. In reality it is better to have a "buyers" agent on your side. The listing agent must act in the best interest of the principal.
In the case of an agent listing an REO property... The fiduciary duty is to the SELLER. The listing agent would become a dual-agent, and that does you THE BUYER, UK... no good.
Most agents who list REO are so busy listing properties ,they don't even answer your phone calls, or online inquiries
and usually dont want to drive around to show properties.Like the other agents told you, the MLS is open for all Realtors,why would you only be looking at one agent's inventory ?
You really should consider pick one agent and commit to work exclusively with that agent.
I happen to be an REO agent, but with buyers, we do not "feature" our own listing; instead - like any good Realtor, I would get your information as to what your goals were - investment, long or short term return, etc., and find ALL the listings that matched that criteria.
If you have a Realtor in the area that you've worked with, stick with them, and you'll be just fine.
But You need to provide proof of funds to be consider a potential buyer.
You can do that confidentially at
My suggestion would be to locate a Realtor with experience in REO and choosing only a listing agent with REO's doesnt buy you anything more than a headache! He/she may have many homes for sale and no time for you! I welcome the opportunity to assist you with the purchasing of these properties. I have a network of REO agents in your town. Please call me at 203-682-4327 or email me email@example.com
You should not buy REO's or regular properties from the listing agent. Find a buyer agent to represent you, is a free service and they will represent your interest in the process....not represent the interest of the seller as the listing agent does. A good listing agent will be your best tool specially if you plan to purchase several homes.
Charles Rutenberg Realty