Sold home in 2008 now looking to buy again, will be with a VA loan. Do not want to have to get a agent, can the bank be our agent as it was in 1998.?

Asked by Jon, Milwaukee County, WI Tue Jan 11, 2011

In 1998 new to US we bought a home from a "For Sale by Owner" here in Milwaukee, because I was from Australia and they have a gazum ping issue over there where another person can make a higher bid even though you have left a deposit. After I was shown thru this house here in Mil I made a decision on the spot and gave them a oral offer plus a check for $1000. I told them I would not leave until they accepted the the offer and put it in WRITING as they stated they were having viewings over the next 3 days. We showed them our approval for the VA loan and we waited outside while they made some calls to lawyers I believe. Two hours later the papers were signed so legally we were the new owners contingent upon all paperwork, inspect'. We went to our bank and informed them of the home and they informed us of all nescessy protocol ie inspections etc. We never paid a dollar to the bank or an agent.The bank was our representative at the closing and all we did was sign a stack of papers.

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Ginny Fuchs, , Milwaukee County, WI
Tue Jan 11, 2011
You ALWAYS want an agent when you're the buyer! You don't pay the agent anything. That's all done by the seller. When an agent represents the buyer the agent is able to share information with their buyer in regard to such things as impending divorce, foreclosure, or any other adverse situations going on. The bank cannot share ANY information with you and does not represent you to get the best deal possible. When you call the name listed on the For Sale sign that person ALWAYS represents the seller and their job is to get the most money possible for the seller. A buyer agent can guide you for inspections and negotiate things to get repaired/replaced and ask for a home warranty and closing costs for you. The will not do any of that for you because they are not in the real estate business. If the bank is doing the paperwork you are most likely missing out on 1000's of dollars of savings. You have no one watching out for you. Please call someone you like and trust! It will be the best phone call you can make. It costs you nothing and saves you $$$.
0 votes
Troy Miller, Agent, Milwaukee, WI
Tue Jan 11, 2011
I second Chris' statment...why would you NOT want to work with an agent? The bank experience is with money...ours as licensed agents is with Real Estate. The bank is not looking out for your best interests...they are looking out for theirs. If you hire a buyers agent (no cost to you!) you are hiring someone to represent YOUR interests and yours alone!

If you were involved in a complex legal proceeding wouldn't you want to have an experienced attorney representing you? Then you should also have an experienced Realtor represent you in what is most likely your biggest financial investment. Hire a buyer's agent!!!
0 votes
John Friedri…, Agent, Milwaukee, WI
Tue Jan 11, 2011
You can go out and buy a home on your own here. However, if you use an agent as a Buyer's agent, there is no cost to you for their services. they get paid a portion of the amount paid by the seller to the listing agent.

A buyer's agent can be very beneficial to you as they will know the contracts very well, and will be able to help you write the offer you want to put in, with all of the contingencies to protect you the buyer. They will also have access to comparable solds in the area to help you decide what a fair price is for the home. Also, if the agent is any good, as you look at homes to purchase, they will be able to point out things to look for that are indications of possible problems with the foundation, roof, windows, etc....

If you wouldlike more information on how a buyers agen works, with no obligation, please feel free to contact me at 414-687-2159 or e-mail jfriedrichs@sbcglobal.net

Best of luck in your search for a home!

John Friedrichs
Realty Executives
Web Reference:  http://www.homesbyfreddy.com
0 votes
Tony McMahon, Agent, WHITE PLAINS, MD
Tue Jan 11, 2011
I recommend that you get buyer representation from a local Real Estate agent, as they will be able to guide you and negotiate on your behalf, and have full access to all of the property listings. It almost every case the seller pays the commission to your agent so it would not cost you anything. As far as the bank being your agent, I am not sure what you are saying there , unless you are talking about their title company .
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Chris Novak, Agent, Brookfield, WI
Tue Jan 11, 2011
Why would you not want an agent?? Having a buyers agent to work with can save you a lot of time and it should not cost the buyers anything. In all my transactions working with home buyers, not once has it cost the buyers a nickle. I suggest doing your homework and working with a buyers agent!
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