OfflineThere is a realtor in my area that specializes in REO properties. She has a few listed in my area that are in nice neighborhoods, and the listing price keeps getting reduced (info from trulia) which leads me to believe they are motivated to move them. My question is: how do I approach her about these properties? She obviously represents a seller/bank, but how can I make this profitable for her and I both. I'm new, so please bear w/me!
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Sheila
"If God is for us, who can ever be against us?" Romans 8:31 NLT
REO Agents are great people to work with. They have motivated sellers by the dozen! Please keep in mind that this agent does represent the bank - and in most states there is not dual agency where an agent can represent both parties in the transaction. Usually the agent will represent the bank as a Listing agent you you would be not represented.
In the beginning, I would recommend that you work closely with an agent that can represent you as a "buyers agent". This should be FREE! Do not agree to pay a retainer fee, and watch out for the compensation section in the buyers agency agreement! The agent should recieve as pay "the amount shown as selling commission in the MLS (multiple listing service)" ONLY. At first, while you are learning an agents opinion on value is extremely valuable. The free information and the education that they can give would greatly help you!
After you have your feet on the ground an REO agent working with you would be great! I hope that this information helps!
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