If I am going to buy an REO property, do I really need a buying agent or should I just get an real estate

Asked by Vi, Upper Darby, PA Mon Jun 16, 2008

For anyone who has experience purchasing REO property, your comment will be greatly appreciated.

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Renee Porsia, Agent, Newtown, PA
Mon Oct 27, 2008
Hi Vi,

My advice for anyone looking to purchase a property no matter what type of property it is, is to hire your own buyer agent. This way you know your interests are protected. Banks only care about themselves. They do not care about you. I have worked with banks and REO properties for 10 years. Banks hire Realtors to list their properties and prefer to deal with buyer agents. Plus there are many addendums that banks want the buyer to sign and if you do not know how to read them, you could give up rights that you did not intend to give up. Your Realtor can explain everything to you if they deal with REO properties and banks. Also, there are many factors that go into purchasing an REO property and you need a Realtor who can help you get what you want from the banks.

Let me know if I can answer any other questions. I'd love to talk with you.

Renee Porsia
Associate Broker
(215) 669-0589 Direct
(215) 358-1100 Office Ask for Renee
1 vote
Jacqueline R…, Agent, Bear, DE
Fri Sep 12, 2008
I am a REO agent and even on the bank web site they say to call me. I don't know of any banks that will deal directly with a buyer - they have too many properties to deal with individual buyers. Deal with the agent selling the property or have your buyer's agent contact the listing agent.
Web Reference:  http://www.jroark.com
0 votes
Ken Henderson, , Philadelphia, PA
Thu Jun 26, 2008
The number one issue that you have to take into consideration is that the banks enlist Real Estate Agents to represent them. Now if a bank feels it's necessary to have representation then I would consider it a need for you also.
0 votes
Dennis Stran…, Agent, Huntingdon Valley, PA
Wed Jun 18, 2008
REO, shortsales, and pre-foreclosures are not an easy venture. I would most definitely suggest finding an agent that has experience dealing with your particular purchase. There are a lot of balls in the air and it is a full time job. it can be a pain to get answers from financial institutions. Be sure, be patient (if the property is a good buy it will be worth it) , and your agent will show you comparable sales info and they are paid by the bank. you get a full time realtor and the bank pays the tab. how can you lose?
Web Reference:  http://www.DennisStrange.com
0 votes
Jeremy S. Hi…, , Cherry Hill, NJ
Mon Jun 16, 2008
As stated your question is not complete. Since I'm experienced with REO's I can tell you that they are not as straightforward as a regular transaction may be. You should hire an experienced agent to provide you with professional advice. You can call me anytime toll free if you would like expert real estate service. 1-888-818-0957

Best Regards,

Jeremy S. Hill, Realtor Associate
Keller Williams Realty
0 votes
Fred Glick, Agent, Mountain View, CA
Mon Jun 16, 2008
I have helped numerous people by REOs. It is if you are a baseball player and then you all of a sudden need to become a heart surgeon! Yes, there are many reasons to get your own buyer agent! Most of the time, it does not cost you anything, but if it does, it is worth it!
Web Reference:  http://fredglick.com
0 votes
Stacey & Big…, Agent, Feasterville, PA
Mon Jun 16, 2008
I'm not sure if you finished your question, but you should definately get a buyers agent. REO properties are very hard to aquire and a professional can guide you through the process and inform you of your rights as a consumer.
0 votes
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