Home Buying in Miami>Question Details

Uk Buyer, Home Buyer in Coral Way, Miami, FL

I want to buy REOs direct from an REO listing agent. I'm looking for listing agents with many REOs that I can choose from.

Asked by Uk Buyer, Coral Way, Miami, FL Mon Nov 15, 2010

The first purchases I want to make are several single family homes in the $100K - 300K range, and areas I'm interested in are near the intercoastal (east of Biscayne and south of 135 Street), or around Coral Way, or Surfside, or any other area that is attractive and middle class.

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11
George Cabezas’ answer
The reason you want to buy from an REO agent directs is because you may have had a bad experience in the past. You probably went with a Realtor who showed you properties that you put offers on only to find out that your offer was not accepted. You also probably think you will get a better deal since the listing agent would make more money.
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.
0 votes Thank Flag Link Sat Nov 16, 2013
UK,
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.

Beth Jenkins
South Florida Brokers
786-374-4778
Web Reference: http://www.arealtyteam.com
2 votes Thank Flag Link Mon Nov 15, 2010
Yeah because it takes a GENIUS to write an offer. You've all lost your minds.
Flag Tue Oct 30, 2012
Greetings UK Buyer

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.
Web Reference: http://www.sibre.info
1 vote Thank Flag Link Mon Nov 15, 2010
Dealing with the listing agent is like having your adversaries lawyer taking your calls and offering to
1 vote Thank Flag Link Mon Nov 15, 2010
UK Buyer,
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.
Good luck,
Web Reference: http://www.rosiemorot.com
0 votes Thank Flag Link Tue Nov 16, 2010
Mr Buyer looking close to intercoastal, I'll be in the process to list a property close to intercoastal this w-ken if you want see my details as a Realtor
0 votes Thank Flag Link Tue Nov 16, 2010
Listing agents for REo's really won't represent you like buyer agent. They are seller agents obligated to present all offers to Lenders until them fine a one that have all what they expected. You do better having a buyer agent on your side.We have an inventory of properties big enough to cover all your expectation. You can contact me at 305-562-7300 Cristina D. Martinez, Realtor, working with Realty Word International Gateway in Miami. I'm licensed in Florida for more than 15 years.
0 votes Thank Flag Link Tue Nov 16, 2010
the MLS in South Florida is regional; every property listed by every Realtor is entered into a shared system. All Realtors use the same database. No matter what Realtor you work with, they have access to all the listings that are available no matter who the listing agent is.
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.
Web Reference: http://www.myriamsHomes.com
0 votes Thank Flag Link Mon Nov 15, 2010
Check out our website and you will see REOs of any price and condition in any Miami area. We have the most of all companies, adn we expect to triple our listing inventory next year....
But You need to provide proof of funds to be consider a potential buyer.
You can do that confidentially at
miguelsoria@remax.net
0 votes Thank Flag Link Mon Nov 15, 2010
Dear UK..

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 strollb@raveisre.com
0 votes Thank Flag Link Mon Nov 15, 2010
UK:
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.

Tony Vega
Charles Rutenberg Realty
0 votes Thank Flag Link Mon Nov 15, 2010
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