I am thinking of making an offer on a Fannie Mae home; should I deal with the listing agent directly or find another realtor to do the negotiations?

Asked by Faith, Statesboro, GA Mon Aug 22, 2011

I'm new to this area, so I don't have any local realtors in mind. AND I want this home, as long as it's under my pre-qualification dollar amount, I feel comfortable putting in an offer using the listing agent. The only reason I am second guessing myself is because my mortgage officer strongly suggesting using a realtor he knows. Any opinions?

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Steve Pate, Agent, Cumming, GA
Tue Aug 23, 2011
You shourl allways find an agent to represent you! The listing agent represents the bank, the bank is his client and you would be a customer. He would have NO fiduciary responsibility to you. He would have to negoiate the higest price possible for his client, the bank. Either the listing agent makes all the comission or he splits it with the selling agent, the one who represents you. Call me and I will let you know about the scheduled price drops and the closing costs that they will pay. I sold 54 Fannie Mae properties so far this year and know their pattern.
Steve Pate
1 vote
Michael Hamm…, Agent, Suwanee, GA
Tue Aug 23, 2011
That's up to you, Faith, as there is nothing "wrong" with sending the offer directly to the listing agent. Simply be aware that this agent will only represent the sellers' interests in the deal, not yours. At least in Georgia. If you want to try and get the best price, terms and stipulations for your side of the closing table, find a good local agent to help you. It is essentially a free service to the buyer. Good Luck!

Michael Hammond


1 vote
Solomon Gree…, Agent, Duluth, GA
Tue Aug 23, 2011

The standard offer documents associated with real estate purchases in Georgia are already pretty complex. The Fannie Mae Addendum adds in an additional level of complexity. For instance, the standard Georgia agreement doc reads one thing and the Fannie Mae Addendum reads something else that is entirely and vaguely contradictory. There are also time limits on your rights under that agreement and tracking down the listing agent on a GSE-owned property is often an exercise in futility even for agents. You will be asked for at least $1,000 in an earnest money deposit (certified funds), so it would be wise to have a sound understanding of your rights provided for in those documents or work with someone other than the listing agent who does this full time, has dealt with Fannie Mae and knows how to protect you.

Solomon Greene
REALTOR® Keller Williams Realty Atlanta Partners
(678) 775-2677
1 vote
Darrell Hess, Agent, Asheville, NC
Mon Aug 22, 2011
You should get your own representation. The listing agent is probably dealing with multiple listings and will not be able to give you the attention you need buying in this market. Although she may take your offer, when it comes time for inspeciton, apprasial details, information you seek, etc. she/he will not really be attentive to you. This is not to metion she works for the seller and is representing them and can not represent you as well without a conflict of interest. Follow the advice of your loan officer.
Web Reference:  http://hesshomefinder.com
1 vote
Laura Feghali, Agent, Stamford, CT
Mon Aug 22, 2011
Hello Faith,
It's best that you hire your own agent to represent you as he/she will be looking out for your best interests; not the sellers which the listing agent is obligated to do.

Yes, it's true that working with a buyer's agent should not cost you anything as it is usually the seller's agency who pays the buyer's agent commission. I suggest that you interview a few local agents by calling some real estate firms in the area to determine who you feel you can work most comfortably with. It wouldn't hurt to interview the agent your lender recommends either.

Best of luck to you!

Laura Feghali
Prudential Connecticut Realty
1 vote
Ron Thomas, Agent, Fresno, CA
Mon Aug 22, 2011
Rodney is right:

Most States allow Realtors to represent both parties, but it is probably a good idea to have your own Agent.

And it doesn't cost you a penny more.

Good luck and may God bless
1 vote
Rodney Mason, Mortgage Broker Or Lender, Atlanta, GA
Mon Aug 22, 2011
It's always better to have your own agent representing your best interests. The listing agent's first obligation will be to the seller should ANY issue arise.

Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia

Conventional | FHA | FHA 203K Renovation (Streamline & Consultant) | HomePath® |
HomePath® Renovation | VA | USDA | GA Dream
Web Reference:  http://www.rodneymason.com
1 vote
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