Home Buying in 90293>Question Details

Sd, Home Buyer in 90293

What's the best way to approach a recent REO w/out an Agent attached yet...? Can you inspect?

Asked by Sd, 90293 Sun Jul 26, 2009

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5
Sd, first I am puzzled why you would want to approach an REO without an Agent? That is like being your own Doctor without a license? Just thinking out loud....

FYI REO's are represented by Asset Mangers of larger Financial Institutions and would not like being approached directly from a buyer. They do not even like Agents who do not know what they are doing.

The best advice I can give is reach out to a seasoned Realtor who had done many REO's and that would certainly help you in getting the property.

Endre Barath, Jr.
Berkshire Hathaway HomeServices
Beverly Hills, CA

homes@endrebarath.com
310.486.1002(m)
Web Reference: http://www.endrebarath.com
0 votes Thank Flag Link Sat Feb 8, 2014
Dear Sd,

It is always best to have a professional Realtor representing you as a prospective buyer. Getting back to question w/out a Realtor CAR purchase agreement stipulates inspection period and conditions. Yes buyers entitled to inspection contingency when purchasing REO property. If subject property does not satisfy buyers requirements have cancellation contingency in buyer's accepted offer. Best of Luck!

Gail Mercedes Cole
EXP Realty Marina del Rey
310.853.9933
0 votes Thank Flag Link Sun Sep 22, 2013
If you have a particular house in mind, go to the property & look for a notice on a window or the front door, if there is one there, it should have the information for who the house is being assigned to, which REO agent.

If there is no notice yet, you really just have to wait until the bank's asset manager assigns it to an agent. If you were to just call the bank they won't be able to help you, they'll just say something like "that property hasn't been assigned yet".

The other answer here is correct: The commission is set by the bank & it's not going to be any less whether or not you have your own representation. It's best to have an agent working for you. It doesn't cost you anything.

You won't be able to inspect the interior either until the House is assigned to an REO agent.
0 votes Thank Flag Link Mon Jul 27, 2009
There's not really any point to searching for REO's without an agent. The commissions are already built into the sale and there are issues with allowing unlicensed people into the house unsupervised. All you're really doing is limiting your access to what's available on the market without saving any money. Also, there are plenty of competitively priced non-REO properties on the market out there that you should consider.

Web Reference: http://www.jonesresortproperty.com/
0 votes Thank Flag Link Sun Jul 26, 2009
The best way is to get a Realtor involved. Lenders are not licensed agents, and therefore count on agents to sell their homes.
Web Reference: http://reoagogo.com
0 votes Thank Flag Link Sun Jul 26, 2009
Cindi Hagley, Real Estate Pro in San Ramon, CA
MVP'08
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