How can I negotiate with banks that own properties. Must I go through the agent that has it listed?
I don’t like dealing with this agent/broker…I want to make my offer straight to the person who is gonna shake my hand and say…“Let’s make a deal!”
So how do I get access to the person whose in charge. In other words, how do I get around the realtor. I ask because there is a bank owned property down the street and the listing has expired.
Um… How do you get around their realtor? Easy…
Use your own.
Banks aren’t going to negotiate with you if they’re listing with someone. Banks usually have one broker that lists all their REOs for them. That’s because the banks don’t like managing properties. Get a realtor on YOUR team to submit offers for you. Here a little tip: find the broker and get the hungriest agent in the office and take him/her to lunch.
Good Luck
First, using “hungry” inexperienced REO agents will cost you in the long run. Buying REO properties is not like normal retail real estate. My advice is to either go directly to the listing agent or find an experienced REO agent in your town to represent you, not just any agent! Most agents don’t know didly about REO properties, trust me, they will screw you up in the long run.
If the current listing is expired, the bank is in the process of finding another agent to take it over. REO companies pull listings and transfer expired listings all the time. It part of our business. But banks won’t deal with individuals directly. Well, the major companies will not. You might be able to talk with someone on the inside if it’s a smaller lender or maybe a local lender.