Andrea Wince

In our area, when you buy real estate, you do not pay your agent a commission because as a seller of real estate, you pay both your listing agent and also the agent who brings you a buyer. So the commission you pay as a seller will be for 2 agents, however per the listing contract, it is all paid to the listing agent who then splits with the buyers agent usually 50/50. Make sure that your listing agent is paying the buyers agent at least half (if not more than) what he/she is getting. It helps to motivate the buyers agents to bring you a buyer. This should be spelled out clearly on your listing contract. Read all your contracts carefully before signing. It is against Trulia policy to discuss specifics of listing commissions in this forum so please feel free to call me and I can explain in more detail. - Wed Jul 16 2008, 11:11

There are plenty of REO/Bank Owned foreclosed properties on the MLS where you can have a Realtor represent your purchase from the bank/seller. The banks hire a Realtor to market and list the property on the MLS and pays a commission to the listing Realtor and the buyers Realtor so the buyer does not have to pay his Realtor to represent him. You pick your own Realtor for free. The only time you must pay cash is when you bid at the courthouse auction/trustee sale. For a complete explanation of every step of the foreclosure process, I've found Realty Trac to be helpful. The link is below............... - Wed Jul 16 2008, 11:00

There are plenty of REO/Bank Owned foreclosed properties on the MLS where you can have a Realtor represent your purchase from the bank/seller. The banks hire a Realtor to market and list the property on the MLS and pays a commission to the listing Realtor and the buyers Realtor so the buyer does not have to pay his Realtor to represent him. You pick your own Realtor for free. The only time you must pay cash is when you bid at the courthouse auction/trustee sale. For a complete explanation of every step of the foreclosure process, I've found Realty Trac to be helpful. There link is below............... - Wed Jul 16 2008, 10:54

In my opinion, the banks will usually accepted the price they are listed for which can be well below most recent neighborhood comps. They are eager to sell. Bank owned properties are all over the MLS and any licensed real estate agent can represent you in your purchase. The bank (seller) pays your RE agent a commission, not you. You only provide the monies toward the actual purchase of the property. So you get your professional representation for free to you and you don't have to deal directly with the bank. I tell ny buyer clients, why would you purchase your property directly from the seller if there's no price advantage? It's just as if (unfortunately) you were going through a divorce with your spouse....would you hire your spouse's attorney to represent you? You need your own representation. If you'd like me to email you some bank owned listings in your desired areas, contact me through my website below. Kind regards. - Thu Feb 7 2008, 10:46

RealtyTrac.com has a very clear explanation of the foreclosure process. Not to get into too much detail, first the homeowner becomes delinquent on their payments, the bank sends files with the county and sends the homeowner a notice of default, the homeowner has a short time to catch up, if they don't, the bank files and sends a notice of trustee sale. The trustee sale is the bidding that occurs "on the courthouse steps" and yes, to participate in that bidding you will need a cashiers check. The highest bidder is usually the original bank (or lender) who then gets the house back. The house is now REO (Real Estate Owned) by the bank. The bank will then hire an auction house to sell the property, sell it on their own, or sell it through a licensed agent on the MLS (there are many out there REO on the MLS). A short sale is when the homeowner still holds the title (pre-foreclosed) is obviously having difficulty with the current mortgage so the bank allows them to sell it on the open market for an amount lower than what they owe the bank (there are many short sales on the MLS). Whew! Hope that helps! There are also answers to foreclosure questions and laws on my website listed below as a reference. - Tue Jan 15 2008, 19:06

There are plenty of REO/Bank Owned foreclosed properties on the MLS where you can have a Realtor represent your purchase from the bank/seller. The banks hire a Realtor to market and list the property on the MLS and pays a commission to the listing Realtor and the buyers Realtor so the buyer does not have to pay his Realtor to represent him. You pick your own Realtor for free. The only time you must pay cash is when you bid at the courthouse auction/trustee sale. For a complete explanation of every step of the foreclosure process, I've found Realty Trac to be helpful. The link is below............... - Wed Jul 16 2008, 10:59

There are many ways to buy foreclosure homes. It is best for you to work with a reputable agent to help you navigate the process. I have 2 contracts on bank owned foreclosures as of this writing. I would love to help with a third, however, it is imperative you have a loan approval letter in your portfolio. - Mon May 12 2008, 13:53

Hi Ksabuyer, I don't know where you have been looking, but I just found 11 single family homes in 95129 that are under $850k. Contact me if you want me to email you the list. I also work with a mortgage planner (not my company) that helps my buyers understand their mortgage options at a monthly payment that isn't going to kill their budget. Kind regards. - Thu May 22 2008, 13:05

I don't recommend you buy a new home directly from the developer. Bring in your own Realtor to look out for your best interest. In this slower market, most developers offer commission to cooperating brokerages which means they pay for your realtor, you do not. Why would you not want to be represented - for free! Your agent needs to register you with the sales office. If you are speaking of Corde Terra, those are very nice homes. If schools are important to you, check that out as well. - Thu May 22 2008, 12:59