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Replies (6)
- Marlene Berrier, "marlenesellshomes"
- Contributions:23
I have ran into the same issue you have and I am not sure that they are getting a the whole commission as the bank on my foreclosures have cut my commission to just one side. I do think there is an advantage to the listing agent having the REO and the bank accpeting their offer over a selling agent from outside because the bank can ask the listing agent to take less commission because there is only one agent to pay. When there is more than one offer on an REO, the bank does require a Best and Final Offer be signed by all buyers that placed an offer so that the Buyers ccan put in their best offer. Keep trying those contracts -- and maybe suggest to your buyer that they need to put in the Best and Final offer because if it sounds like a good deal to the buyer, you know other buyers are thinking the same.
- FriendshipProperties
- Contributions:783
I buy REOs often and always take the buyers side commission. I don't think this matters to the agent. Also these agents are very busy and do not have a lot of time to show around unqualified buyers. If you dont have an agent, how did you get access to the property?
- Susanna Kunkel, "SusannaKunkel"
- Contributions:105
Aloha,
I understand your frustration. Luckily, here on Kauai our REO agents have been wonderful about working with cooperating buyers agents. My concern for you about using the listing agent is that REO's are particularly risky for buyers, and you'll need to do thorough due diligence in the inspection period. There is no sellers disclosure, and everything is "as is".
Here's some tips on How to Buy a Foreclosure that might help.
With warm aloha,
Susanna
I understand your frustration. Luckily, here on Kauai our REO agents have been wonderful about working with cooperating buyers agents. My concern for you about using the listing agent is that REO's are particularly risky for buyers, and you'll need to do thorough due diligence in the inspection period. There is no sellers disclosure, and everything is "as is".
Here's some tips on How to Buy a Foreclosure that might help.
With warm aloha,
Susanna
- Paul Mausteller
- Contributions:685
Hello REO Buyer,
I specialize in reo sales, my duties are to the seller first since I do have the listing. I do provide offer guidelines to buyers and buyer agents, small simple items when make offers can determine if your successful with seller accepting the terms.
Having the proper guidance is important, there are pitfalls and unknowns when purchasing reo properties. Great upside on buying reo properties too.
I do not like representing both sides of the transaction I think it's a conflict of interest and my liabilities increase. Every agent is different, I'm one to share the wealth. I suggest finding a buyer agent who knows the ins'' and outs' of the reo business, work with that one person be loyal to him/her and they will be loyal to you.
Best of Luck.
Paul
I specialize in reo sales, my duties are to the seller first since I do have the listing. I do provide offer guidelines to buyers and buyer agents, small simple items when make offers can determine if your successful with seller accepting the terms.
Having the proper guidance is important, there are pitfalls and unknowns when purchasing reo properties. Great upside on buying reo properties too.
I do not like representing both sides of the transaction I think it's a conflict of interest and my liabilities increase. Every agent is different, I'm one to share the wealth. I suggest finding a buyer agent who knows the ins'' and outs' of the reo business, work with that one person be loyal to him/her and they will be loyal to you.
Best of Luck.
Paul
- Pat Bourgo, "Pat Bourgo"
- Contributions:1051
Follow the money. These agent make all their money from the banks. I would never have them write a offer for me. They will lie to you to get more money to the bank.Most REO brokers that I know don't want to double end their listings.
- NTETS, "Mr Caveat"
- Contributions:6436
i would say it has a lot to do with the market. hang out untill there is less competition. as per the actual question? yes, they probably do.
Do REO selling agents prefer buyers with or without agents? Double ending the deal?
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