Upcoming Foreclosures

Bank owned properties... Do they pay agents commission? How do you go about purchasing and viewing this type?

Public Comments

1. Most do, at least in my area. Agents in other areas of the US tell me sometimes lenders will use auctioneers depending on the house. If the REO is listed, viewing it is the same as viewing other properties. Purchasing usually involves some extra forms and following the lenders stipulations. Some lenders won't allow any contingencies (no inspections, for instance). And typically there is alot of waiting which can be very frustrating to buyers. Even if you put in time frames in your offer to purchase, the banks move at their own pace.
2. Chances are the bank will employ an agent, and the home will be listed on the MLS. I will tell you, though, that I'm closing on an REO in less than two weeks, and listing mentions nothing about this being a bank-owned property. We didn't have a clue until our agent contacted theirs.
3. The banks will pay a commission to agents, ina preforeclosure arena such as the properties I work with the commission is adjusted to what the bank wants. In an REO situation, and after the sale (auction) date, the property will usually go to an agent, this may take weeks or months. It's my experience, that it depends on the bank, if there is a person living in the property still etc... etc...