Home Buying in Hollywood>Question Details

Home Owner, Home Buyer in Hollywood, CA

If getting agent for foreclosure (auction) home, who should pay fees? How much is the fees?

Asked by Home Owner, Hollywood, CA Mon Jan 2, 2012

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When you say 'foreclosure (auction) home", are you referring to a trustee's sale? If so, you would be responsibe for paying your own agent. In real estate, there are no standard fees- everything is negotiable. As mentioned by others here, there is a lot more to buying this way than one might expect.

If you have the cash to make a purchase and would like representation, your best bet is to speak with an agent who is experienced in this area and negotiating a fee for services. For the educated, patient and well-funded buyer, there is certainly an opportunity to get a good deal on a property.
0 votes Thank Flag Link Mon Jan 2, 2012
If it's an auction you would pay fees for an agent to represent you as there is no one else who would. You should also know that when buying at an auction you are going up against seasoned investors who do this all the time, have to pay all cash, can't do any inspections, and risk buying a property with a cloud(s) on the title.

Best Regards,

Lance King/Owner-Managing Broker
lance@fixedrateproperties.com
415.722.5549
DRE# 01384425
0 votes Thank Flag Link Mon Jan 2, 2012
With an auction much more work goes into research and title searches than buying a home already foreclosed. Most auctin will pay a broker a fee for bringing a buyer if they are registered in advance. Some buyer broker may not charge you anything eklse while other may charge a small fee for all teh work needed before teh auction, it is well worth it when thinking how much a mistake could cost buying a home with back taxes, hoa fees or liens you would be resposnible for. Simple find an agent who is expereinced with both bank owned and auctions and ask what they charge and what jobs they will perform.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Mon Jan 2, 2012
Home Buyer,
Read the fine print. Anything goes. What may be customary should provide you no comfort. In a foreclosure that 19 page addendum rewrites the purchase agreement, significantly. In an auction you need to know you are participating in a circus. Don''t forget what circus king Barnum said, "There's a sucker born every day."

Be cautious, thoroughly complete your due diligence, and don't be manipulated.

YOU could end up paying EVERYBODY! ...... and leave without a house.
0 votes Thank Flag Link Mon Jan 2, 2012
if it's an auction, generally the buyer pays the fees, commission and a buyer's premium which goes to the seller's side. If it is a listed foreclosure, the seller normally pays the commission
0 votes Thank Flag Link Mon Jan 2, 2012
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