The north eastern Texas lake house I’ve been tracking through a failed shortsale process and through full foreclosure has finally resurfaced on the market in the form of a nebulous non-detailed posting on Yahoo Real Estate. While there’s no physical descriptive data in the ad there are a couple of key items that identify it as being the same house. I figure it’s just a preliminary ad and others will follow in the next week or so.
I’ve bought several homes before and have done renovations on two and actually had this house inspected and under contract before the short sale process collapsed. I have the results of the inspection so I know what it’s worth.
Do I really need a buyer’s agent to negotiate with a bank on an REO? Is there some overwhelming reason to no do this on my own like, for example, being required to go through an agent?
If your buying directly from the lender, then no reason to use a real estate agent!
Now if the lender has this property listed for sale with a realtor, then you might as well get representation as the lender is paying the listing and buyers agency fee’s!
Our daughter just bought a foreclosure house this year. The sign was posted in front of the very visible and attractive house and now dozens of people have told us, “We tried to buy that house, too, but no one ever called us back”.
Because our daughter had a Realtor do it, make those numerous calls and emails, she got the house. Now everyone is asking her, “Why did they sell it to you? How did you do it?”
Buyer’s agents are usually paid by the seller. This particular bank liked dealing with a Realtor, not a bunch of phone-calling lookie-lous. An agent is motivated, they only get paid if the sale goes through.
It really depends. Since you aren’t paying for buyer’s representation, IMO it makes little sense to not have it. But your call… good luck & let us know how it turns out.