If you would like to buy an REO property would you use the listing/sellers agent as your agent too?
(hoping to get a lower price). And what do you think it would be a reasonable offer for a condo (REO property), listed for 450k in Northern CA (1400 sq ft) considering I intend to use the same real estate agent as the seller (which is the bank that owns now the property) and that I realy like the unit. thanks a lot.
Asked By: Sunshine - 12/5/2007
Best Answer - Chosen by Asker
Do not use the same agent as the lender. Even if the agent agrees to represent both you and the lender as a dual agent, for all practical purposes the agent will represent the lender's interest over your interest... More
Answered By: Mike - 12/5/2007
Additional Answers (3)
No I wouldn’t because any agent with half a brain writes into the contract that if there’s no buyer’s agent, the seller’s agent gets the full commission. It’s very unlikely you’d save a dime, buy you’d be handing the money meant for your representation to a person who cannot and will not serve your interests.
Answered By: Stacy - 12/5/2007
Please remember that real estate is a game - since it is an REO, he is only a conduit...unless he agrees to take a smaller percentage, I would probably get a buyer's agent. Depending on who owns it (bank/mortgage company/or corporation) - the timetables for these types of properties can vary greatly. I would low ball... More
Answered By: Stevie B - 12/5/2007
Remember that seller's agents are legally obligated to represent the best interests of the seller. In a dual-agency situation, they can represent you ethically, but the best you can hope for is ~50% loyalty... More
Answered By: Tony M - 12/5/2007
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