David Ward, Home Buyer in

looking to buy a bank owned 2 bedroom foreclosure .what would be my best route.my area of interest is in

Asked by David Ward, Mon Jan 5, 2009

brooklyn ,ny david

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Evan Karrs, Other Pro, Cleveland Heights, OH
Tue Jan 6, 2009
"Buyer Services" realtors are paid by the seller as a percentage of the sale price of the home. For example, a standard commission on a home sale is 7%, split between the buyer's realtor and the seller's realtor. So if you buy a home for $100,000 the seller pays $3,500 to his realtor and $3,500 to your realtor and walks away with $93,000. So while 'you' didn't directly pay anything if you bought the house without a realtor for $96,500 the seller's realtor still gets his $3,500 and the seller gets $93,000. Don't be fooled by stories buyers realtors will try to convince you don't pay for them. Especially consider this - if the seller pays they buyers realtor do they work for the buyer or the person who actually pays for them?
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Dee Nofziger, Agent, Toledo, OH
Mon Jan 5, 2009
Hi David,

Sorry to be so cliched, but truthfully, your best bet is to contact a real estate agent and enlist their help. Buyer Services are, with few exceptions, FREE to a buyer. Commission is paid through what the SELLER pays the listing agent, whether that seller is a bank or an ordinary homeowner.

Most foreclosures are listed on the MLS and most websites, but often do not state they are foreclosures. This is why the use of a real estate agent is important, as their agent copy of the MLS will have this information.

If you don't know an agent or don't have any recommendations, I would be happy to find someone for you through my relocation department. They can refer for any area in the country.

Good luck in your search. Give me a yell if you need anything further!
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