Home Buying in Clermont>Question Details

Murph, Home Buyer in Clermont, FL

Should I use a buyers agent w/ a REO purchase or might I get a better deal if I only use the listing agent as?

Asked by Murph, Clermont, FL Sat Mar 21, 2009

(s)he will work harder for the extra commission?

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Answers

7
Murph,

I would use the realtor that you are the most comfortable with, the listing agent will submit all offers to the bank for the banks consideration.

I would suggest that you make your best offer because you could have competition for the purchase from other buyers. This is why I would use a buyers agent, the buyer agent will be 100 percent committed to you, their client. Also, using a buyers agent does not change the commission that the bank is paying to the listing agent, it only affects how the commission is paid.

For more information,

Jimmy Williams
Coldwell Banker, Tyre & Taylor Realty, Inc.
2765 S. Bay Street
Eustis, Fl 32726
(352) 874-2354
Web Reference: http://www.jimewilliams.com
0 votes Thank Flag Link Sun Apr 12, 2009
These are all great answers. I would have to say you are better served using a buyer's agent. Most REO properties are very competitively priced and go under contract in a short time in comparison with other listings right now. If you have an agent looking for you they will know the day a new property comes on the market enabling you to make an offer early on. Remember to make your best offer, as it is very common for multiple offers to be presented to the Bank/Seller. Good luck with your home search!
0 votes Thank Flag Link Sat Apr 11, 2009
If you forgo an agent you can get a 3% reduction in the price that would not there for other buyers. It is just that simple. If the seller/owner does not have to pay your agent then you get the benefit. The listing agent will try to get the deal done regardless. The banks that have REO are even more apt to give you this 3% than a regular human seller.
0 votes Thank Flag Link Sun Mar 22, 2009
Murph,

I would get your own agent to assist you with the REO purchase. In my experience, I have made offers on my clients' behalf and had the REO agent tell me the bank would never accept the offer or the contingencies. In those cases the banks did eventually accept the offers. My point is sometimes the REO agent believes the bank won't negotiate and therefore leads a buyer to believe the terms are not negotiable forcing the buyer into a full list or close to it offer with no contingencies.

This is your choice, in Florida agents are Transaction Brokers and therefore we can represent both sides of the transaction. If you choose to use the listing agent (make sure the agent is a REALTOR) he/ she is bound to be fair and ethical to both parties by the NAR Code of Ethics and Standards.
0 votes Thank Flag Link Sun Mar 22, 2009
Hello Murph

In order to have your interests covered, you should use a buyers agent. This way the agent's interest
is not divided between you and the seller. I would however, make sure the realtor you are working with
is experienced with REO sales.

Regards
Christine Selzler
ERA Select International
Phone: 352-636-3510
0 votes Thank Flag Link Sun Mar 22, 2009
You shouldn't get a better deal using either agent. All offers must get presented regardless of the agent.
So...make your best offer with whom you trust.
Web Reference: http://LindaLipscomb.com
0 votes Thank Flag Link Sat Mar 21, 2009
Here in MN that situation would be considered a dual agency representation. The agent has to act in a more neutral manner since they are representing both parties so to speak and can not favor the interests of one side over the other. It does happen quite often and is usually not a problem. However some agents feel strongly that this is not a good idea and have become exclusively buyers reps. I don't see anyone necessarily "working harder" for the commission - we work hard and need money to live, just like other people do.
Web Reference: http://topbrainerdagent.com
0 votes Thank Flag Link Sat Mar 21, 2009
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