Profile picture for lemur_lass

Can a buyer's agent assist with the purchase of a non-MLS listed property?

I ask, because I am interested in seeing and potentially buying a Fannie Mae foreclosure in my neighborhood.  My agent says that s/he can't help me since it isn't listed on MLS.  Is this true, or is my agent trying to deter me from this property due to its low sales price (and thus commission).  Thanks for helping out a newbie.
  • January 07 2011 - Cleveland
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Answers (6)

Yes they can, I see you have a clearer understanding already, Good luck!
  • January 10 2011
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There is a list of lock boxes that most banks have.  I typically will go ahead and go in with my buyer even if a house is not listed and then write an offer and send it to any agents I think might be getting the listing so that it is on file.
  • January 08 2011
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The foreclosed property may not be listed yet.  I don't know how you came to know about the property, but often times it takes several weeks to several months for a bank to get the property listed in the MLS.  If there is no lockbox or access into the property, an agent will not be able to access the property.

The bank has to locate an agent to do a valuation of the property.  Once done, the bank needs to locate a listing agent (may or may not be the same agent that provided the valuation).  The property has to be prepared to list (locks changed, home winterized, utilities, photos, etc.). Once again, depending on the bank, this could take a while.

I am local to the Cleveland area.  Let me know if I can answer any additional questions for you.
  • January 08 2011
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Profile picture for lemur_lass
Thank you so much for your advice.  Upon re-examining my email, my agent said s/he couldn't get me in the house to view it because it wasn't listed on MLS.  S/he never mentioned not being able to broker the deal.  That was my misinterpretation.  There is a 1% commission for the buyer's agent, so I will make sure to ask my agent if that is do-able, as I do not want to buy any home without representation, much less a foreclosure.   And yes, at this time, we have no formal written contract as buyer and buyer's agent.

Again, thank you again for your responses.
  • January 08 2011
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Profile picture for Rushel Reed
First, I'm in Oregon, so rules may be slightly different here than in Ohio.  That said, yes, an agent can help you purchase any home.  A buyer's agent is contracted to represent the buyer, and the agent helps a buyer through all the steps of purchasing any property.  The contract between Buyer and Agent states specifically the terms of compensation owed to the agent at the time the buyer purchases a property.  This is often a percentage of sale or a flat fee.

An MLS system exists for agents to invite other agents/brokers to sell the property.  It also states a commission rate that the listing agent will pay to the selling agent who is also a member of the MLS system.  Is it possible that you don't have a agreement with the agent that guarantees he/she a commission?

If you really want to have representation from an agent while negotiating the foreclosure waters of Fannie Mae, then either ask the agent to represent you for a fee, or ask another agent to represent you.
  • January 07 2011
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Profile picture for wetdawgs
Some agents can help with foreclosure properties.  Apparently the agent you spoke to does not participate in that activity
  • January 07 2011
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