Home Buying in 38401>Question Details

Riley Sloan, Home Buyer in 38401

how do make an offer on a bank owned property (washington Mutual)? not with a real estate agent

Asked by Riley Sloan, 38401 Fri Nov 14, 2008

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7
I agree. Get a Real Estate Agent. It doesn't cost your more to buy food at the grocery store and ask for help from a clerk. It doesnt cost you more when you ask for help at JC Penny. It doesn't cost you money when you ask for help from an agent to buy a home from a bank. It's paid by the seller "bank".
0 votes Thank Flag Link Wed Feb 10, 2010
I have bought properties from banks without a realtor. Local banks are more likely to settle on a lower price if they don't have to pay a realtor.
Flag Sun Oct 20, 2013
Get a Real Estate professional...fees to Realtors are paid by the seller...not the buyer...you need professional advise.
0 votes Thank Flag Link Sat Nov 15, 2008
Riley,

I guess your stuck....we know of no way to accomplish this since banks deal with property issues through real estate professionals. If you are a serious buyer, contact an agent today. AND the bank pays the agents professional fees.
0 votes Thank Flag Link Sat Nov 15, 2008
The banks are not in the business to sell real estate, they engage real estate agent's service to do so. The houses you see on the foreclosure list and not on MLS are not ready to be sold yet and will come on the market when it's ready. By that time, you should be ready to make offers.

The best way is to engage service of a real estate agent to help you with REO properties as soon as they come on the market.

Best,
Sylvia Barry
Marin Realtor
0 votes Thank Flag Link Sat Nov 15, 2008
Sylvia Barry,…, Real Estate Pro in Marin County, CA
MVP'08
Contact
The problem with that is that you have to be licensed to sell real estate. Very few banks employ licensed real estate professionals in their REO departments(think about how many they would have to employ in every city in every state that they did business!) so approaching the bank directly means there is no licensed real estate professional representing either side.
Web Reference: http://www.cindihagley.com
0 votes Thank Flag Link Fri Nov 14, 2008
Cindi Hagley,…, Real Estate Pro in San Ramon, CA
MVP'08
Contact
If it's already bank-owned, I'm not aware that you can get around it. Each bank works with a real estate agent or several of them. Washington Mutual is a huge bank with tons of foreclosures. Those agents are trained on the proper procedures to making and submitting offers, then handling all inspections, pre-approvals, etc. through closing. If the banks allowed all buyers to make their own offers, they would have to hire a lot more people to work on these foreclosures. Having an agent take care of selling the foreclosures streamlines the process, so that they have hire less employees (an agent can easily handle 10-20 foreclosures).

You can purchase a foreclosure at a public outcry where they sell to the highest bidder. But, if you go this route, be sure you do your due dilligence. You don't know what you're getting--the condition of the house, any back taxes owed, any other items that can affect its title. You must check on these items before bidding on a property or you might be stuck with a lemon.

Best to you,

Adelina Rotar
Realty Executives Associates
Web Reference: http://www.RotarTeam.com
0 votes Thank Flag Link Fri Nov 14, 2008
Riley:

Banks rely on local agents to handle transactions. The properties are listed after foreclosure with a realtor on the MLS as a bank owned property. Prior to it being listed, you can purchase at Sheriff Sale. I have never been able to find out how to "cut" the listing agent out of the equation on the bank owned deals.

If it is listed with a realtor, you might as well use one since it is included in the price. It will make your life much easier since agents are experienced in working these difficult transactions.
0 votes Thank Flag Link Fri Nov 14, 2008
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