Profile picture for John Beagle

How to get a Bank Foreclosure Agent to Help with Buying

Looking to buy a foreclosed, bank owned property. Don't want to work with a realtor. I can I deal with the bank directly?
  • August 26 2013 - Monroe
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Answers (6)

The banks do not usually deal directly with the general public. 

If the home is listed with a Realtor you have to go through a Realtor to buy it. Buying a foreclosed home without professional guidance can be a costly learning experience.  Often times there are unforeseen problems which crop up throughout the process that only an experienced agent can navigate.

  • September 25 2013
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Profile picture for Chris Gerke
I am an investor myself & I have 4 clients who are also investors. Those clients, as well as myself, all purchase homes listed through the MLS. If it's listed through the MLS you are working with a Realtor, even if you don't want to. My investor clients work with me because they understand & value the importance of working with a professional who is more knowledgeable about the market as a whole as well as the buying & selling process. They utilize my connections as well as my expertise & evaluating properties values, renovation budgets, anticipated holding time, etc. Once you find the right Realtor partner, you'll understand & appreciate their value to you as well as their ability to get you into deals you might never have expected to get into. Most banks also utilize Realtor's as they are WELL aware of the value they receive from the good ones. Good luck in your future ventures. 
  • September 25 2013
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I've never heard of dealing with banks directly.  I invest in homes myself.  If you know of a way.....let me know.  With that said you can bypass the "agent thing".  The judicial sales auction itself.  WARNING....you must be well versed and know what and how to fully search a prospective property.  Second....you can buy through the online auction sites like hubzu and auction.com.  A great deal of these are cash only occupied homes where you pay for EVERYTHING regarding the sale and you may need to evict.

Good luck...give me a call if you want more info - I've bought through auction.com...Thank God I didn't need to evict. I'm also ready to close on my second auction.com home.

Jim, [Phone removed by Zillow moderator]
  • August 26 2013
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The question you should be asking is, "Do you know enough about Real Estate to do your own transaction?". However, that was not your question and yes you can buy a foreclosed, bank owned property without using a Realtor. 

I'm a Realtor and even I don't know how you can but I'm 100% sure that it can be done. You will have to find out which bank owns it and good luck from there. 

Your best bet is to hire your own Buyers Agent to represent you throughout your transaction. You can hire any agent that you feel comfortable with and more than likely it will not cost you anything. 
  • August 26 2013
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In rare circumstances, banks will have homes listed 'for sale' on posters in their lobby. But even then, you have to go through a real estate agent.

In many cases, the bank of record (say Wells Fargo) doesn't actually own the property. They are the servicing agent for an investor(s). They turn their bank owned listings to a 3rd party who then assigns them to an agent. This is how it's done in nearly every bank owned transaction.
  • August 26 2013
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Profile picture for Outer Banks N C
NO, the banks don't sell them. They list with a Realtor to do the work, the bank just approves the offer. You do understand the bank is paying the commission so the Realtor is FREE to you. Why not use one???????????????????????????????????????????????????????????
  • August 26 2013
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