Do I have to go threw a realitor to buy a house?

Asked by Erick Vogel, Bayville, NJ Fri Aug 24, 2012

do I have to go threw a realitor to buy a house if the realitor takes the listing off can I go threw the bank that owns the house

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Scott Manley’s answer
Scott Manley, Agent, Centerville, MA
Sun Sep 23, 2012
When you use a realtor when buying it does not cost you money. In fact, could save you thousands in the long run. A buyer agent gets paid by the seller. Having respresentation in this market is crucial.
7 votes
Using a realtor saves you a lot of money.
Flag Wed Oct 31, 2012
They were very propefessional when selling my home!!!
Flag Tue Oct 23, 2012
I had the best team working hard for me when buying my new home and selling our old home. They are are a hard working team and this team Stevens & Manley Real Estate gets the job done. Thank you Team!!!!
Flag Sun Oct 14, 2012
I did and net the most out of the sale of my house!
Flag Thu Oct 11, 2012
Thanks for the infomation. Very helful
Flag Tue Oct 9, 2012
Crystal Ridge…, Both Buyer And Seller, Cotuit, MA
Sun Feb 24, 2013
I worked with Team Stevens & Manley and it was the best decision I ever made. They help me sell my house in Cotuit and I was able to buy another home. The closing was seamless. I could of not done this without the help of this fantastic team!!!
1 vote
Scott Manley, Agent, Centerville, MA
Fri Aug 24, 2012
I would. It could cost you more money in the long run.
1 vote
I did and I was glad I did. It can very omplicated.
Flag Tue Aug 28, 2012
Steven Young, Home Seller, West Yarmouth, MA
Wed Oct 31, 2012
I did and I had a successful closing
0 votes
Deb Mcgee, Both Buyer And Seller, Yarmouth Port, MA
Tue Oct 9, 2012
Thanks for the infomation. Very helful.
0 votes
Thank you for your response. We will always be here for your real estate needs.
Flag Thu Oct 11, 2012
Morcos Azer, Agent, La Habra, CA
Mon Sep 24, 2012
Buyers in California do not need a real estate agent, but they can have one for free. They must hire an escrow company, title or/and a lawyer to complete the trasaction, but not for free.
Banks Have to have agent to represent them. When the realtors take the listing off the market, they are following the instructions of the bank. Going the bank directly will not do you any good.
0 votes
Thank you for sharing!
Flag Sun Feb 24, 2013
Bill Eckler, Agent, Venice, FL
Wed Aug 29, 2012
Unless you are buying directly from the seller as a "for sale by owner(FSBO)" you will either be dealing with the listing agent or your agent. With this said, it's always recommended that buyers have their own representation to avoid potential conflicts of interest.

Good luck,

0 votes
Great response Bill! How is your market?
Flag Mon Sep 24, 2012
Francesca Pa…, Agent, Manasquan, NJ
Wed Aug 29, 2012
Quite often there is a clause post removal from the MLS that holds the bank responsible for commission for a period of time. In my view, not using a realtor will not put more money in your pocket, but the Bank's. GO WITH THE REALTOR, utilize their expertise . . . protect yourself!

Francesca, Broker Sales Associate
0 votes
Mary Petti, Agent, Edison, NJ
Tue Aug 28, 2012

Most bank owned properties are not sold directly to the buyer. Usually they end up in a sheriff sale as a foreclosure and sold at auction at a sheriff sale.

Some REO's (bank owned) are listed with an agent chosen by the bank who holds the mortgage. If the house was listed with a Realtor, and you saw the house using a Realtor, call the agent who showed it to you, and have them call the listing agent and find out why it's not longer "on the market"

I have a feeling this may have been a short sale, which IS NOT bank owned just yet, and that's a different situation than a true foreclosure. However, even in a short sale situation, the bank will only correspond with a designated contact person, typically the listing agent, but sometimes the owners attorney. They still NEVER deal with a buyer directly.

Oh and not to be picky but its Realtor and through (a pet peeve of mine)
0 votes
Jeanne Feeni…, Agent, Basking Ridge, NJ
Tue Aug 28, 2012
Everybody's right -you do not have to use a realtor, but you are well served if you do. If it is listed by a realtor, you will be using one incidentally, you will simply be using the seller's broker who will then be operating as a disclosed dual agent.

Focus on finding a very good agent to represent you rather than spending time trying to justify working on your own. A good realtor will be a huge help to you in negotiating and guiding you to close. And it is the seller that pays commission to both listing and selling brokers.

Jeanne Feenick
Unwavering Commitment to Service, Unsurpassed Results
0 votes
Devona Garri…, , Beaumont, CA
Mon Aug 27, 2012
You SHOULD work with a Realtor. They can protect your interests and as a buyer you shouldn't pay anything for their sevices.
0 votes
, ,
Sun Aug 26, 2012
No. But if you get a competent experienced realtor they can
any uneccessary changes you may go through and guide
down the right path.
0 votes
Don Tepper, Agent, Burke, VA
Fri Aug 24, 2012
Probably yes if it's bank-owned.

Most banks won't deal directly with potential buyers.

If it weren't bank-owned--if it were a conventional listing--then you'd deal with the listing agent. So, basically yes.

If it were a FSBO (for sale by owner), you could deal with the seller directly, without using a Realtor.

Hope that helps.
0 votes
Kenneth Verb…, Agent, PRINCETON, NJ
Fri Aug 24, 2012
if the home is listed yes. If you saw the home thru realtor and then conspired with the bank to wait until listing was removed you and the bank could well get sued. After all the bank signed a listing agreement with agency to sell and it has contractual obligations outlined in that agreement. As a buyer you can opt to go with an agent who will offer you a rebate but then you may be giving up many choices of excellent Realtors who dont operate in that fashion. Good luck.
0 votes
, ,
Fri Aug 24, 2012
I could skip going to a doctor when sick but I don’t. I could skip buying food from a grocer but I don’t. How important is buying a home compared to buying a can of peas? And trust me on this one, buying a home is a lot more complicated than buying peas. Do you have E&O insurance in case you mess something up? Bet not, good luck,

Jim Simms
NMLS # 6395
Financing Kentucky One Home at a Time
0 votes
Deborah Madey, Agent, Brick, NJ
Fri Aug 24, 2012
As others have stated, banks do sell directly to buyers. In order for the bank to sell direct to buyers, the bank representative that handled the transaction would need to hold a real estate license.

In comparison, a developer/builder that owns a new home development, with model homes, either has direct employees who hold real estate licenses, or contracts with a real estate brokerage. Either way, the point of contact with the buyer and public is with a licensed real estate agent. The same would hold true for a bank. If the bank wanted to handle sales of properties in-house, the bank would need to employ licensed real estate agents. Whether the real estate licensee is contracted or an in-house employee, the bank has a cost on their end to handle the sale. I am not familiar with any banks who retain in-house licensees to process their retail sales to end buyers. There are legal restrictions that are prohibitive for that, as well.

The best advice is to find a buyer broker who will guide you a buyer. Working with someone who puts your interest first will yield you the best results. If/when you call the list agent of a bank owned property, that list agent has a legal obligation to work on behalf of the bank to sell the house for the most money the bank can get. Their goal is to sell one of the properties owned by the bank to whoever they can find to buy these properties. Many real estate agents who work representing banks do not like to work with buyers; some will. The agent who contracts with the bank to sell the bank's properties does not have a goal of getting you the best the deal.

If you hire a buyer agent to work for you, their goal will not be to sell a specific house to you; their goal will be to find you the best property that meets your needs and budget.
0 votes
My NC Homes…, Agent, Chapel Hill, NC
Fri Aug 24, 2012

It would be extremely unlikely for the bank to deal with you directly. TO be honest if you contacted them I'd be shocked if you could find anyone who even knew what you were talking about, I don't want to get started on how poorly managed and ignorant banks are of the properties they have foreclosed on, but will tell you from decades of experience, that when it comes to their real estate holdings the lights on and no one's home.

I would not directly contact the former listing agent as their more interested in the bank and future business than they are in assisting you to get the best possible deal. I would find an experienced buyer broker who is familiar with dealing with foreclosure sales and have them contact the former listing agent to present your offer.

I wish you all the best.
0 votes
Terry Farnsw…, Agent, Lisle, IL
Fri Aug 24, 2012

The situation you describe is not likely. Banks don't have the time or resources to be dealing directly with potential buyers - fielding endless questions and arranging showings for them. They almost always use a listing agent.

Furthermore, most asset managers handling the properties for the banks - aren't anywhere near the property itself. They have no knowledge of the local market - and depend on the listing agent to ensure it's priced accordingly.

If you are asking can you purchase a bank-owned property without a real estate agent - the answer is yes. However, you most likely won't be getting an type of "discount" for doing so, so you may as well have an agent represent you.

Hope that helps.
0 votes
Erick Vogel, Home Buyer, Bayville, NJ
Fri Aug 24, 2012
I know someone that as soon as the realitor had the house off listing they went to threw the bank and got the house cheaper then what the realitor told him
0 votes
Hi Erik
some people have inside information so they deal with the bank. Usually any home that is listed can only be sold by an MLS agent. I am having the same issue as a realtor that some listing by un ethical agents are being under sold to there private buyers or some agents buy these homes themselves. Your best bet is to find an agent that has done deals like this and be loyal to that agent so that he will help you.
Flag Fri Aug 24, 2012
Tina Lam, Agent, San Jose, CA
Fri Aug 24, 2012
I'm not sure what "go threw" means. If the listing has been taken off by a Realtor, it'll be a real challenge for you to go directly to the bank.
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