http://www.trulia.com/voices/Home_Buying/I_am_considering_a_property_on_Cape_Cod_that_is_ba-142812I am considering a property on Cape Cod that is bank-owned. The real estate agent is not a local (or not known to me) What are the pros of working with a local agent while attempting to buy versus working directly with this non-local broker. I am of the school of thought that my price negotiations will be better without an additional agent to pay commission - Help me decide Thank you Also are there agents that specialize in working with short sales and foreclosures in the areaen-ushttp://www.trulia.com/voices/profile/Real_Estate_Pro-Centerville_MA-310710/http://www.trulia.com/voices/profile/Real_Estate_Pro-Centerville_MA-310710/Good Afternoon Edward, Depending on the price range of the home you are looking at, it makes sense to work with a local agent that works that price range. For instance, I specialize in short sales where the typical price range is presently 300k or under. As the 200k price range is becoming increasingly competitive on Cape, it is the agent that can bring their client to the plate first (possibly before the property hits the market...and this is happening trust me) that are getting the best properties. Bank owned properties are trickling out to market right now due to various reasons, and many are being taken off the market (even mid transaction) due to the Ohio ruling that affects foreclosures with improper assignment trails. There are a few great tricks to buying these properties that are great to know. Please feel free to contact any time.Sun, 05 Jul 2009 20:19:10 -0700http://www.trulia.com/voices/profile/Real_Estate_Pro-Sandwich_MA-744682/http://www.trulia.com/voices/profile/Real_Estate_Pro-Sandwich_MA-744682/Edward, The others give good advice. I have an agent that covers the Dennis area. She and I would be available to help you. We have been involved in several distressed sales and can negotiate for you and navigate you through the deal.Sun, 05 Jul 2009 11:30:18 -0700http://www.trulia.com/voices/profile/Real_Estate_Pro-Sandwich_MA-177383/http://www.trulia.com/voices/profile/Real_Estate_Pro-Sandwich_MA-177383/If you are truly interested in finding a local agent for bank owned properties than give me a call. We handle more Bank Owned properties than others on the Cape and have a capability to serve your interests.Sun, 05 Jul 2009 08:44:31 -0700http://www.trulia.com/voices/profile/Home_Buyer-02639-806221/http://www.trulia.com/voices/profile/Home_Buyer-02639-806221/Thanks for the input - you have convinced me to use an agent that represents my interests. It sounds like this transactions can be very complicated and time consuming ....... so I guess my next question is how do I find an agent that is well versed in short sales and foreclosures - I ahd ready other posts here this morning about agents that consider it their specialty.Sun, 05 Jul 2009 08:40:19 -0700http://www.trulia.com/voices/profile/Real_Estate_Pro-Sandwich_MA-177383/http://www.trulia.com/voices/profile/Real_Estate_Pro-Sandwich_MA-177383/If you are going to work with the listing agent to buy a property, that agent will normally get both sides of the transaction. That is if the commission for the property is 6% than the listing agent (if he/she sells the property themselves will get 6%. Thus, you won't be "saving" anything. I personally believe that an agent who is working with you as a buyer agent will be able to provide advice and follow through on details strictly for you. That is, representing your interest at all times. If you are going to use the listing agent, you will not have a true representative to assure your best interest. Don't let this mislead you, as a Realtor can operate as a dual agent representing both the buyer and seller as long as they disclose this relationship to both parties. At any rate, it is my firm belief that having your own agent to represent your interest is the most beneficial practice.Sun, 05 Jul 2009 08:17:25 -0700http://www.trulia.com/voices/profile/Real_Estate_Pro-Venice_FL-133970/http://www.trulia.com/voices/profile/Real_Estate_Pro-Venice_FL-133970/Edward, First, the bank has already considered the agent's professional service fee when determining the asking price for the property and are commited to paying it. Our recommendation is to enter this venture with an agent that has an understanding of the local real estate market as well as the skill to help you negotiate a deal that is in your best interests. It's important to have someone in your corner ready to advocate for you and do the necessary "follow up" necessary to make the deal happen. Working independently or only with the "listing agent" could place you at a disadvantage. Having been down this road, the interests of a buyer are best served when they have theu have their own personal representation. The Cape is a great area...we'll be there in a couple of weeks for our annual family vacation. Good luckSun, 05 Jul 2009 08:15:23 -0700http://www.trulia.com/voices/profile/Real_Estate_Pro-Newton_MA-666542/http://www.trulia.com/voices/profile/Real_Estate_Pro-Newton_MA-666542/Bank owned sales are a bit tricky. If you are experienced with this, then by all means handle it on your own. The value of a local agent, and more importantly, one that is servicing you (and not the seller) is that he/she is under contract to be protecting your best interests. Often, the listing agent of a bank owned property will expect the buyer's agent to do all the work. Another reason is a local agent is more motivated to take better care of you since he/she does her business in that area and therefore has a reputation to maintain.Sun, 05 Jul 2009 08:04:22 -0700