looking at buying a foreclosure - do I need a realtor?

[max power]

I'm looking into buying a bank owned house. It has a realtor sign in the front yard.

To get a showing and basic information, should I call her or get my own realtor?

if you know a good local realtor are you can post their info up, but they will have to be someone who has my best interest at heart. I'm kind of a prick to work for.

[izhe4rael]

The only time you might need a realtor is if you were searching for a bank owned properties in general. A realtor would then organize a bunch of properties for you to review. Since it sounds like you already have a place in mind you don't really need one. You should be able to call, get basic info and schedule a showing through the person on the sign.

If the property is in Franklin County you can also do research through: http://www.franklincountyauditor.com/. There is lots of good information on that site.

[bowdog]

I did not use a realator when i purchased mine.

[Carwhore]

you selling ur house bubby?

[jblosser]

Since the seller normally pays the listing agent/Realtor fees, why not use one?

Get an inspection, whatever you do. The bank probably won't fix anything, but at least you won't be buying blind.

[Tonik]

Since the seller normally pays the listing agent/Realtor fees, why not use one?

Get an inspection, whatever you do. The bank probably won't fix anything, but at least you won't be buying blind.

This is the correct answer. If you get a realtor the selling realtor will end up splitting their commission with your realtor. So you get their help for free.

[Hwilli]

If you dont use one, negotiate 3% off the price, otherwise the agent will act as a dual agent and pocket it.

[CBBaron]

If you dont use one, negotiate 3% off the price, otherwise the agent will act as a dual agent and pocket it.

+1

Everything is negotiable is a real estate transaction. If you do not have your own Realtor then the sellers realtor stands to make double commission. Why not get some of it back.

However if you are shopping for homes get a realtor. They will work for you but be paid out of the sale. You can do alot yourself, but it easier for a realtor to get in to see houses are find out about potential places for you.

Craig

[max power]

you selling ur house bubby?

If I buy the one I'm looking at, then yes. And no realtors will be involved in the sale of my house. I ain't paying those sharks nuttin!

[jblosser]

If you dont use one, negotiate 3% off the price, otherwise the agent will act as a dual agent and pocket it.

Listing agent will get whatever the listing contract stipulates - whether they split it with a buyer's agent or not.

My general understanding - I'm not a Realtor/listing agent.

[imaposer]

If you already have a house picked out, you surely don't need one. Use the fact that there will only be one realtor to pay a commission to to get a better price. A real estate attorney would be a better choice.

I have never understood why people think a buyers agent is a good idea. They only get paid if you buy something, and get paid more the higher price they can get you to pay. There is zero incentive for them to keep a buyers best interest in mind.

[namtugeoj]

buy mine instead. Just lowered the price again.

[max power]

I have never understood why people think a buyers agent is a good idea. They only get paid if you buy something, and get paid more the higher price they can get you to pay. There is zero incentive for them to keep a buyers best interest in mind.

Good point.

buy mine instead. Just lowered the price again.

You couldn't pay me enought to live in Pickerington. Cookie cutter neighborhoods aren't my thing.

If I can't piss off my back porch while screaming obsceneties without the cops being called, I'm not interested.

Edited June 18, 2012 by max power

[imaposer]

If I can't piss off my back porch while screaming obsceneties without the cops being called, I'm not interested.

Well then, buy mine. I'm looking to sell and I do that nightly.

[namtugeoj]

Good point.

You couldn't pay me enought to live in Pickerington. Cookie cutter neighborhoods aren't my thing.

If I can't piss off my back porch while screaming obsceneties without the cops being called, I'm not interested.

who says I don't do that?

[magley64]

Listing agent will get whatever the listing contract stipulates - whether they split it with a buyer's agent or not.

My general understanding - I'm not a Realtor/listing agent.

this, (typically 7%) comes out of seller's pocket at point of sale regardless of selling price, or how many agents it's split between.

If it's already listed with an agent, get a realtor of your own.

Make sure they are personally a member of the national association of realtors (not just their agency).

Edited June 18, 2012 by magley64

[Bad324]

thank god I have an awesome Realtor, shes made this process amazing for me since I'm a house buying noob

[sParkSnare]

I'd highly recommend using a buyer's agent rather than a general real estate agent. I've used a buyer's agent for each (both) of my home purchases and wouldn't do it any other way. There's lots of info on the internet re: the benefits of using a buyer's agent so I won't get into that. PM me if you want to know who I used when I bought my house in Hilliard - I've recommended him to several friends and they've all been very happy with him.

Also, here's a Columbus Dispatch article I just found that you may find helpful:

http://www.dispatch.com/content/stories/home_and_garden/2010/07/25/buyers-agent-a-good-teammate-in-foreclosure-purchase.html

[Ron505]

We used the agent on the sign when we bought our bank owned property. The bank required them to show us the house, and do the closing. It was not a local bank.

[Gump]

Same one we looked at still?

[max power]

Same one we looked at still?

No, this one is way better. 2200 sq./ft. With a huge pole barn in the woods and still CW schools.

[bowdog]

No, this one is way better. 2200 sq./ft. With a huge pole barn in the woods and still CW schools.

Where is it located? Address???

[max power]

Where is it located? Address???

I'll tell you after I buy it.

[Gump]

lol....

POLE BARN!!! Will be your primary residence....