Foreclosures, REO, Real Estate Owned, bank owned, pre foreclosures, notice of defaults and short sales. I think I just covered the gam-met of the “distressed” real estate that is currently for sale in our own Santa Clarita real estate market. Click here to view all of the current foreclosure inventory
What do you do when you have tracked down the listing agent or have driven by their real estate “for sale” sign?
Do you call them up and ask them to represent you? Do you stay loyal to your own real estate agent, if you have one?
What is the first question that this agent asks when you get them on the phone? Is it, “Are you currently working with a real estate agent?”
If that is not the first question – there may be issues that can arise. Whom you work with in real estate is strictly your choice.
That is something that is harped on by those agencies that Regulate Realtors.
I am a realtor – I cannot discriminate – and I will not.
When you are looking at homes that are for sale – there are more advantages posed when you are using your very own real estate agent. You will see after you have been looking for real estate, how valuable having your own representative will be.
Here is something else you may never have thought of. With the banks, most have changed their methods of operation. In the past, when one of their reo listing agents brought the buyer for the Foreclosure listing, where they were the listing agent, the bank paid them a double commission.
Meaning, they paid their agent for listing the property and they paid them again for representing the buyer.
There were two commissions in place. One for the listing agent on the property and the other for the buyers agent on the property. That is typical real estate 101.
However, the banks started to see agents, the one’s they had hired to represent them in the listing of the Bank Owned asset, having issues with other agents. Those “other agents” accused the listing agents of not submitting their clients offers on the very same listing.
There were some REO agents that round filed those others agent’s offers, in order to submit the offer from their own buyer, in order to seek a double commission.
Today, most of the big REO banks don’t pay the agent any more than the listing agent commission, if they are the listing agent, to represent a buyer also.
They got smart. There is no longer an advantage of using the REO listing agent – the banks don’t give them any more $$$ to represent buyers, in most cases.
Be safe. Let us know when you are ready to move an we will be there for you and yours.
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