Making an offer on an REO

Asked by Alberto, Staten Island, NY Wed Mar 18, 2009

When making an offer on an REO property is it recommended to have your own real estate agent handle the offer/negotiation with the banks listing agent or am I supposed to handle the offer directly with the banks listing agent? The real estate agent that I have dealt with in the past didn't seem to eager to help me so I wasn't sure if there was any incentive for them to help me.

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6
Voices Member, , Benton County, OR
Wed Mar 18, 2009
Alberto, You will have no problem finding an agent to represent you and do it well. Just let it be known you have Cash/Pre-Approval in hand and watch the line wrap around the block with offers of representation.

Interview, find one that wants to work representing you and knows the difference between a sales pitch and the truth.

Good hunting, Dunes .......... I'm sure you will get a lot of friendly (fee-driven?) referrals also..I intend to refer you to several different NY agents once I get the Fee worked out... ; ) Will work for Thumbs Up.......................
1 vote
Vinicius Bra…, Agent, Cupertino, CA
Wed Mar 18, 2009
Hi Alberto,

You definiltey want to have an other agent represent you. Generally the asset manager's do not want to see the listing agent bring in offers. They want some seperation between the listing agent and the buyer so their is no conflict of interest.

http://www.santaclaravalleyreo.com
1 vote
kennymerrim…, Agent, Cape Girardeau, MO
Wed Mar 18, 2009
If your agent is not looking out for your best interest you should be finding out why. REO properties are a little bit more difficult than the average sale because of dealing with an agent that is dealing with an asset manager. ISome agents do not like all the paper work and negociating that goes with REO's. It is usually more difficult than a "normal" sale. It is my belief that a good agent is worth the money. Find one that will work for you.
1 vote
Robert Fine, , Staten Island, NY
Wed Mar 18, 2009
Hi Alberto,
Your own real estate agent will be able to handle the offer on a REO. You should be motivated to buy now when the rates are low, the prices are down, and the inventory is plentiful. If you are interested in buying today there are many REOs available right now. Please call me, Bob, at VIP Real Estate, Inc. 718-967-2600 x312.
Good Luck
0 votes
Hector and M…, Agent, Staten Island, NY
Wed Mar 18, 2009
It is recommended to have your own real estate agent handle the offer/negotiation with the banks listing agent. Like Caroline mentioned below the commission is paid by the seller. If your agent isn’t eager to help you it's either one of two things 1: they themselves are not knowledgeable and trained in handling an REO offer, or 2: they don’t think it will go through for what ever reason. Call me at (718) 801-3005 to discuss your offer in detail or e-mail me at Hector@Mesa4Homes.com.
Web Reference:  http://www.Mesa4Homes.com
0 votes
Caroline York, Agent, St Petersburg, FL
Wed Mar 18, 2009
It is best to have a realtor who can make the offer and follow up with the closers and processors of the bank's settlement companies. The commission is paid by the seller so there is generally no additional expense for the buyer - just support from a knowledgeable and trained professional.

Much success!
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