Banktown Foreclosures

Many people decide not to have a buyers agent in their purchase transaction.  Reasons vary, but the two I hear most often are:

• "I don't need any assistance, I can negotiate this on my own."
• "It's easier to negotiate directly with the listing agent"
• "Sellers will save money on commissions, and I will negotiate that savings into my purchase price. I'll get a better deal"

In some cases the third scenario might take place with a typically listed home, but most often not and especially not in the case of a bank-owned foreclosure.  Sellers agree to a full commission to their listing agent with any listing, then the listing agent offers part of that commission to the buyers agent.  If you call the listing agent and purchase directly, the listing agent receives the entire commission.  There is no "savings" passed on to the buyer, just a higher paycheck for the listing agent while you don't get full representation.

In the first scenario you may not need assistance with your transaction, but why go it alone when the seller will pay YOUR AGENT if you hire one?  Does it really make sense to forego free expert advice and advocacy? Why not have someone else handle inspections, appraisals (and potential issues therein), and other time consuming activities associated with taking a property from contract to close?

Specialist in foreclosed and bank owned properties for buyers in uptown, the surrounding neighborhoods, our suburban ring townships, and investment properties. Reo / Short sale expert. Charlotte native and Southend / Historic Wilmore resident.

Agency Relationship: Duties of the Agent

In the case of retaining an agent as your buyers representative, the real estate brokerage firm, and the agent you've retained, owes the buyer the duties of:

• Loyalty to the buyer by acting in the buyer's best interest.
• Confidentiality by not disclosing facts that could influence the buyers ability to negotiate the best terms.
• Disclosure to other parties in the transaction that the licensee has been engaged as a buyer's agent.

The broker negotiates price and terms on behalf of the buyers and prepares standard real estate purchase contract by filling in the blanks in the contract form. The buyer's agent acts as a fiduciary for the buyer.

The buyers agent further works only on behalf of the buyer, working to obtain the best price, best terms, and best scenario for the buyer. 

I take this duty very seriously and pride myself in finding, and negotiating, fantastic deals for my clients. This includes not only the price, but other seller concessions such as closing costs paid by the seller for the buyer, and home warranties to protect the buyer against unknown potential defects in the property.

Additionally, some of the online bidding sites and companies that sell on behalf of Fannie Mae, Freddie Mac and HUD require that you have an agent that is registered for their firm and site to represent you. There have been increasing numbers of foreclosure and bank owned properties sold through the online bidding and auction sites.