Home Buying in 30068>Question Details

Akhtar Husain, Both Buyer and Seller in Marietta, GA

how do I get pass the broker on Bank Owned Properties?

Asked by Akhtar Husain, Marietta, GA Sat Dec 20, 2008

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6
If you want to purchase a bank owned property, you must follow the established protocol. The banks have hired Real Estate professionals to move the properties. You can utilize the services of A
Realtor to assist you in your purchase, but there is an established protocol to follow. You cannot bypass the Listing broker. Good Luck!
0 votes Thank Flag Link Sat Oct 18, 2014
Akhtar,

You can't bypass the broker. They represent the bank to sell the property. This is why the bank has hired them. Odds are the bank has never seen this property and this is why they hire local experts.

If you are looking to buy property direct then you need to start going to the court house step auctions and buy with cash.

Good luck.
0 votes Thank Flag Link Sat Dec 20, 2008
Hello Akhtar,

I can't see a reason to bypass the broker. That IS the banks representative on the property. That being said, i know that many foreclosure listing agents are not very responsive about answering questions or returning phone calls.

If you are interested in buyng a bank owned home I think you really just have 2 choices. Deal with the listing agent/broker. Or hire a buyers agent to represent you. The buyers agent will be paid from a portion of the commission that the listing broker is already contracted to receive. There should be no cost to you. Depending on the questions that you have, a good buyers agent may be able to find information for you from a source other than the bank.

Banks are generally hard to deal with and slow to respond to offers. It makes no sense but that is the reality in most cases. I am a certified REO specialist and I have represented banks and buyers on REO homes. Please feel free to call or email if I can help.
0 votes Thank Flag Link Sat Dec 20, 2008
Dear Akhtar,

When searching for a foreclosure home, virtually ALL listings are will be listed with a licensed broker. The lender/owner contracts with real estate brokers to insulate themselves from direct contact with the public. Even the brokers with the listing expects that each buyer will be represented by a licensed broker since they are busy marketing and managing the property. Fortunately for you, we are located in ZIP code 30068 and our office is on Johnson Ferry Rd. We have lived in this area for over 40 years.

Regardless of the types of homes you are looking at, you should always consider that the listing agent is contractually obligated to represent the SELLER to the best of his or her ability. Real estate commissions are established between the seller and the listing agent by contract and the listing agent does NOT have to reduce the total commission when there is no other agent involved. They may tell you they can make a better deal if there is no other agent involved, but ultimately they are trying collect the full commission themselves.

Buyer Representation costs the Buyer nothing and the Buyer generally will save money because their Your Buyer's Agent is then contractually obligated to represent YOU to the best of his or her ability. Your agent knows the special stipulations and contingencies that should be included in your offer and how and how much to ask for from the seller to enable you to purchase your home on the most favorable terms.

Your Buyer's Agent will provide you with in-depth detail about home sales and comparable values, including such information as previous expired or withdrawn listings of the property and dates and amount of every price adjustment. You also need to know amount of closing costs paid by the seller and days on the market, information that is not available in the public records.

You also want to have confidence that the referrals you receive for home inspectors, termite companies, mortgage lenders, appraisers, and closing attorneys are arms-length referrals and not someone that owes a favor to a builder or seller.

If you are not Represented by a Buyer's Agent, we urge you to seek one out and let an EXPERT to protect your interests every step of the way. If you would like our assistance, please call or email us.

Sincerely,
Karen and Warren Owen
RE/MAX Communities
135 Johnson Ferry Rd.
Marietta GA 30068
770-722-0099
WarrenOwen@remax.net
KarenOwen@remax.net
0 votes Thank Flag Link Sat Dec 20, 2008
Akhtar,
Why would you want to do this? It does not cost you anything to use the broker that the bank is working with.
Web Reference: http://www.torilawson.com
0 votes Thank Flag Link Sat Dec 20, 2008
Banks hire brokers to handle the details of their foreclosed properties because they need to outsource those efforts. Inquiries at banks are usually directed to the listing broker for more orderly and efficient disposition of their real estate assets.

Most attempts to circumvent the llisting broker lead to frustration.

A listing contract between the bank and a listing broker includes a commitment to pay the listing broker a fee for services that may include property cleanout, inspections, marketing, document preparation, contract negotiation, and other services.

Understanding how the system works is the first step in designing a plan that will help you meet your real estate needs. Most banks and lenders hire brokers to sell their assets. HUD hires brokers to sell their assets. The bulk of REO (real estate owned) assets are available through real estate brokers. The best way to work in that system is to develop relationships with real estate broker(s) who can help you meet your needs.
0 votes Thank Flag Link Sat Dec 20, 2008
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