This is not like buying a car.
In poker, I would call you a fish. Set you up with a couple easy questions, become your friend, and when it comes to crunch time, bring out the hammer.
Even with my over 30 years experience, I thought I could save some money letting the listing agent
represent me as a buyer on a very, simple condo transactions. We waived 1 major inspection and it cost me $10,000 to fix, And I have been involved in over 50 buying transactions. GET HELP!!!
David Cooper +1-702-499-7037
The REO agents here are pretty incredibly busy so I don't know that they would have time to work with you. They will more than likely push you to one of their buyer's agents.
I haven't seen one single bank that pays the listing agent both sides of a commission if the buyer does not have representation. The bank keeps the cost of the buyer's commission but i can tell that will not make or break a deal from the seller either way so it is better for you to have your agent that doesn't cost you anything.
?????QUESTION: Why would you want to PAY for an attorney, as some have suggested, to represent you when you can be represented for $0.00 FREE from an experience real estate agent???????? If you want to know more about the process, you can call or email but make no mistake you need to be represented by an agent who is experienced in distressed properties.
Best of luck.
Valerie Edwards, REALTOR
ABR, RRG, SRS, SFR, RRG, SRES, RSPS, GREEN, ATHOM
THE DIRTY LITTLE SECRET:
What's interesting though is that many Bank Agents are now asking buyers like you who come to them to use another agent (usually a friend from another firm). They know the bank will cut them way down to 4% if they have what we call "both sides." So, they will "run it through" another agent they know on the buyer's side so that the most they will get cut to is 5%. They still have to pay the person it's run through something but not the full 1% they would lose if they had "both sides."
That's "hypothetical" of course. Now I may get whacked by my fellow Realtors for letting a dirty secret out-of-the-bag.
I sell may bank owned properties (as the bankâ€™s agent) and when I receive calls from customers I always ask if they have their own agent that they are working with. When they say yes I refer them back to their own agent. If they donâ€™t have an agent and specifically want my property I will usually have my buyerâ€™s agent represent them to make sure they are fully protected and will get the best representation possible.
If you have a real estate agent or a REALTOR that you are comfortable with I strongly advise you to work with them. If you need an agent please contact me or one of the agents that replied to your question. Your end result would me much better in your quest for home ownership.
D and R Realty
If you know like the back of your hand:
The standard residential contract, the addenda that accompany the contract, the banks contract and addenda once they agree to the terms, how to transfer and protect your escrow deposit, how to read a title insurance policy, how to order a survey and an appraisal, and what to do with the HUD sheet, etc. etc.
.....by all means go ahead.
Would you go to court have opposing side attorney represent you? Probably not
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
You received many responses below.
You should definitely have an agent represent you. It cost you nothing, and it provides you with a great resource. Just make sure you find the right agent for you; interview your agents.
I can help with any of your Las Vegas Residential Real Estate needs or questions; feel free to contact me direct.
Mark D Fleysher, MBA, Broker, REALTOR
The Jack Conley Realty Group
C. 702-291-8186 F. 702-946-0843
go ahead and deal with the bank agent directly and please make sure you have a good lawyer for protection after you get screwed by the bank or their reps. especially after you close the deal and find out you have some minor issue with title or property condition such as mold.
As a buyer, Realtor's usually provide free service to you. We are normally paid buy the seller.
I would think that this should have some interest to you.
I would love to earn your business!
Give me a call or shoot me a email,
You don't know what you don't know and that's where you can run into trouble. It's possible to go it alone and maybe you'll come out ok, but there are so many pitfalls an experienced agent will help you steer clear of. Why wouldn't you want someone with experience and knowledge to guide you through the complicated process of purchasing a home (especially a bank owned home)?
I see quite a few questions on sites like this from buyers who have found themselves in a bad situation and are looking for advice. The advice often boils down to: "It's too late! You should have used a knowledgeable, experienced agent and you wouldn't be in this situation". Don't be that buyer asking for advice after it's too late. Take the advice you got today and hire a good agent!
I am a Buyer's Agent Realtor working with Investors and private buyers. I sell mostly REOs because they are usually not overpriced and they do not have the wait time of the typical Short Sale. I know what to expect in these houses and in these contracts.
If you want someone to look out for your best interests and get you the best deal, work with a Buyer's Agent. Remember the Selling Bank's agent is working towards getting the BANK the best deal.
Representation with Integrity
MBS Team, Keller Williams Marketplace
Henderson, NV 89074
A smart buyer should hire a Realtor... When hiring a Realtor, like myself, you have the confidene that you have hired someone that has agreed to higher standard and are committed to your best interest. Why You Should Work With a REALTORÂ® ? well.....
Not all real estate practitioners are REALTORSÂ®. The term REALTORÂ® is a registered trademark that identifies a real estate professional who is a member of the NATIONAL ASSOCIATION of REALTORSÂ® and subscribes to its strict Code of Ethics. Here are nine reasons why it pays to work with a REALTORÂ®.
1. Youâ€™ll have an expert to guide you through the process. Buying or selling a home usually requires disclosure forms, inspection reports, mortgage documents, insurance policies, deeds, and multi-page settlement statements. A knowledgeable expert will help you prepare the best deal, and avoid delays or costly mistakes.
2. Get objective information and opinions. REALTORSÂ® can provide local community information on utilities, zoning, schools, and more. Theyâ€™ll also be able to provide objective information about each property. A professional will be able to help you answer these two important questions: Will the property provide the environment I want for a home or investment? Second, will the property have resale value when I am ready to sell?
3. Find the best property out there. Sometimes the property you are seeking is available but not actively advertised in the market, and it will take some investigation by your REALTORÂ® to find all available properties.
4. Benefit from their negotiating experience. There are many negotiating factors, including but not limited to price, financing, terms, date of possession, and inclusion or exclusion of repairs, furnishings, or equipment. In addition, the purchase agreement should provide a period of time for you to complete appropriate inspections and investigations of the property before you are bound to complete the purchase. Your agent can advise you as to which investigations and inspections are recommended or required.
5. Property marketing power. Real estate doesnâ€™t sell due to advertising alone. In fact, a large share of real estate sales comes as the result of a practitionerâ€™s contacts through previous clients, referrals, friends, and family. When a property is marketed with the help of a REALTORÂ®, you do not have to allow strangers into your home. Your REALTORÂ® will generally prescreen and accompany qualified prospects through your property.
6. Real estate has its own language. If you donâ€™t know a CMA from a PUD, you can understand why itâ€™s important to work with a professional who is immersed in the industry and knows the real estate language.
7. REALTORSÂ® have done it before. Most people buy and sell only a few homes in a lifetime, usually with quite a few years in between each purchase. And even if youâ€™ve done it before, laws and regulations change. REALTORSÂ®, on the other hand, handle hundreds of real estate transactions over the course of their career. Having an expert on your side is critical.
8. Buying and selling is emotional. A home often symbolizes family, rest, and security â€” itâ€™s not just four walls and a roof. Because of this, home buying and selling can be an emotional undertaking. And for most people, a home is the biggest purchase theyâ€™ll ever make. Having a concerned, but objective, third party helps you stay focused on both the emotional and financial issues most important to you.
9. Ethical treatment. Every member of the NATIONAL ASSOCIATION of REALTORSÂ® makes a commitment to adhere to a strict Code of Ethics, which is based on professionalism and protection of the public. As a customer of a REALTORÂ®, you can expect honest and ethical treatment in all transaction-related matters. It is mandatory for REALTORSÂ® to take the Code of Ethics orientation and they are also required to complete a refresher course every four years
If I can help you or answer any qestions related to real estate in general, please do not hesitate to contact me.
Maria L. Morales
Keller Williams Realty Southern Nevada
You should definitely have an agent who represents your interests in any real estate transaction.
I would appreciate an opportunity to be that agent. I have plenty of experience with bank owned homes and will work hard for you.
Please feel free to give me a call.
If you do not have any expereince you should definately have a buyer broker, the key though id making sure the agent is expereinced in bank owned homes, not all are, You want soemone that can give you an advantage when making your offer.
Please see my blog for more tips and advice on buying bank owned homes
In most cases the banks have calculated into their asking price a fee that already includes the fee for professional services.....for both agent sides.
Proceed with your own personal agent!