Buying without a broker

[nostradamus]

I bought my place without an agent and the seller didn’t have one either. The escrow agent told us everything we needed to do and we did it on our own. I guess I was lucky.

[Eugene]

A couple more questions …

Does the seller’s agent influence lender’s decisions wrt REO’s, if so, how much? Would be easier to “push through” a serious lowball offer (20% off listed price) by going without a buyer’s agent, so that the seller’s agent gets 6%? Assume that the REO has been on the market for so long that a reasonable case can be made that it won’t move at the present price, but there are considerably higher-priced comps and “recent” (6-9 month old) closings in the neighborhood.

Suppose I got approved for a mortgage, submitted an offer letter, and it got accepted. I get an inspector and I’m satisfied with his results. Do I need to be concerned about any technical aspects beyond that (like drafting a contract, opening an escrow, transferring the title, etc.) by myself, or do I basically need to sign the papers I get from the seller’s agent to finish the transaction?

[Eugene]

A couple more questions …

Does the seller’s agent influence lender’s decisions wrt REO’s, if so, how much? Would be easier to “push through” a serious lowball offer (20% off listed price) by going without a buyer’s agent, so that the seller’s agent gets 6%? Assume that the REO has been on the market for so long that a reasonable case can be made that it won’t move at the present price, but there are considerably higher-priced comps and “recent” (6-9 month old) closings in the neighborhood.

Suppose I got approved for a mortgage, submitted an offer letter, and it got accepted. I get an inspector and I’m satisfied with his results. Do I need to be concerned about any technical aspects beyond that (like drafting a contract, opening an escrow, transferring the title, etc.) by myself, or do I basically need to sign the papers I get from the seller’s agent to finish the transaction?

[Eugene]

A couple more questions …

Does the seller’s agent influence lender’s decisions wrt REO’s, if so, how much? Would be easier to “push through” a serious lowball offer (20% off listed price) by going without a buyer’s agent, so that the seller’s agent gets 6%? Assume that the REO has been on the market for so long that a reasonable case can be made that it won’t move at the present price, but there are considerably higher-priced comps and “recent” (6-9 month old) closings in the neighborhood.

Suppose I got approved for a mortgage, submitted an offer letter, and it got accepted. I get an inspector and I’m satisfied with his results. Do I need to be concerned about any technical aspects beyond that (like drafting a contract, opening an escrow, transferring the title, etc.) by myself, or do I basically need to sign the papers I get from the seller’s agent to finish the transaction?

[Eugene]

A couple more questions …

Does the seller’s agent influence lender’s decisions wrt REO’s, if so, how much? Would be easier to “push through” a serious lowball offer (20% off listed price) by going without a buyer’s agent, so that the seller’s agent gets 6%? Assume that the REO has been on the market for so long that a reasonable case can be made that it won’t move at the present price, but there are considerably higher-priced comps and “recent” (6-9 month old) closings in the neighborhood.

Suppose I got approved for a mortgage, submitted an offer letter, and it got accepted. I get an inspector and I’m satisfied with his results. Do I need to be concerned about any technical aspects beyond that (like drafting a contract, opening an escrow, transferring the title, etc.) by myself, or do I basically need to sign the papers I get from the seller’s agent to finish the transaction?

[Eugene]

A couple more questions …

Does the seller’s agent influence lender’s decisions wrt REO’s, if so, how much? Would be easier to “push through” a serious lowball offer (20% off listed price) by going without a buyer’s agent, so that the seller’s agent gets 6%? Assume that the REO has been on the market for so long that a reasonable case can be made that it won’t move at the present price, but there are considerably higher-priced comps and “recent” (6-9 month old) closings in the neighborhood.

Suppose I got approved for a mortgage, submitted an offer letter, and it got accepted. I get an inspector and I’m satisfied with his results. Do I need to be concerned about any technical aspects beyond that (like drafting a contract, opening an escrow, transferring the title, etc.) by myself, or do I basically need to sign the papers I get from the seller’s agent to finish the transaction?

[SD Realtor]

Does the seller’s agent influence lender’s decisions wrt REO’s, if so, how much?

esmith my answers are super speculative –

Do you mean the listing agent (when you said sellers agent?) I assume yes. The agent in my experience doesn’t influence them much at all. The lenders reply on the BPO which is done by someone other then the listing agent and their own analysis for pricing and evaluations of offers that come in. For REO properties the listing agent does pretty much NOTHING. It is a sweet gig.

REO commissions vary. Alot of times they are a 4.5% split. The commission structure is dictated by the listing agreement between listing agent and bank. Indeed the LA may get more commission if you don’t use an agent. Whether he will hold back other offers or give yours preferential treatment is speculative. If he holds back other offers and gets busted by his broker he will be gone. Also the lender may change the terms of the commission structure at their whim.

REO purchases include serious liability releases that the listing agent will make you sign. No matter how airtight your documentation is, theirs will be better. Thus you can most likely use the docs the listing agent gives you. Get lots of due diligence done on your own.

SD Realtor

[SD Realtor]

Does the seller’s agent influence lender’s decisions wrt REO’s, if so, how much?

esmith my answers are super speculative –

Do you mean the listing agent (when you said sellers agent?) I assume yes. The agent in my experience doesn’t influence them much at all. The lenders reply on the BPO which is done by someone other then the listing agent and their own analysis for pricing and evaluations of offers that come in. For REO properties the listing agent does pretty much NOTHING. It is a sweet gig.

REO commissions vary. Alot of times they are a 4.5% split. The commission structure is dictated by the listing agreement between listing agent and bank. Indeed the LA may get more commission if you don’t use an agent. Whether he will hold back other offers or give yours preferential treatment is speculative. If he holds back other offers and gets busted by his broker he will be gone. Also the lender may change the terms of the commission structure at their whim.

REO purchases include serious liability releases that the listing agent will make you sign. No matter how airtight your documentation is, theirs will be better. Thus you can most likely use the docs the listing agent gives you. Get lots of due diligence done on your own.

SD Realtor

[SD Realtor]

Does the seller’s agent influence lender’s decisions wrt REO’s, if so, how much?

esmith my answers are super speculative –

Do you mean the listing agent (when you said sellers agent?) I assume yes. The agent in my experience doesn’t influence them much at all. The lenders reply on the BPO which is done by someone other then the listing agent and their own analysis for pricing and evaluations of offers that come in. For REO properties the listing agent does pretty much NOTHING. It is a sweet gig.

REO commissions vary. Alot of times they are a 4.5% split. The commission structure is dictated by the listing agreement between listing agent and bank. Indeed the LA may get more commission if you don’t use an agent. Whether he will hold back other offers or give yours preferential treatment is speculative. If he holds back other offers and gets busted by his broker he will be gone. Also the lender may change the terms of the commission structure at their whim.

REO purchases include serious liability releases that the listing agent will make you sign. No matter how airtight your documentation is, theirs will be better. Thus you can most likely use the docs the listing agent gives you. Get lots of due diligence done on your own.

SD Realtor

[SD Realtor]

Does the seller’s agent influence lender’s decisions wrt REO’s, if so, how much?

esmith my answers are super speculative –

Do you mean the listing agent (when you said sellers agent?) I assume yes. The agent in my experience doesn’t influence them much at all. The lenders reply on the BPO which is done by someone other then the listing agent and their own analysis for pricing and evaluations of offers that come in. For REO properties the listing agent does pretty much NOTHING. It is a sweet gig.

REO commissions vary. Alot of times they are a 4.5% split. The commission structure is dictated by the listing agreement between listing agent and bank. Indeed the LA may get more commission if you don’t use an agent. Whether he will hold back other offers or give yours preferential treatment is speculative. If he holds back other offers and gets busted by his broker he will be gone. Also the lender may change the terms of the commission structure at their whim.

REO purchases include serious liability releases that the listing agent will make you sign. No matter how airtight your documentation is, theirs will be better. Thus you can most likely use the docs the listing agent gives you. Get lots of due diligence done on your own.

SD Realtor

[SD Realtor]

Does the seller’s agent influence lender’s decisions wrt REO’s, if so, how much?

esmith my answers are super speculative –

Do you mean the listing agent (when you said sellers agent?) I assume yes. The agent in my experience doesn’t influence them much at all. The lenders reply on the BPO which is done by someone other then the listing agent and their own analysis for pricing and evaluations of offers that come in. For REO properties the listing agent does pretty much NOTHING. It is a sweet gig.

REO commissions vary. Alot of times they are a 4.5% split. The commission structure is dictated by the listing agreement between listing agent and bank. Indeed the LA may get more commission if you don’t use an agent. Whether he will hold back other offers or give yours preferential treatment is speculative. If he holds back other offers and gets busted by his broker he will be gone. Also the lender may change the terms of the commission structure at their whim.

REO purchases include serious liability releases that the listing agent will make you sign. No matter how airtight your documentation is, theirs will be better. Thus you can most likely use the docs the listing agent gives you. Get lots of due diligence done on your own.

SD Realtor

[sdrealtor]

SD R,
You obviously dont know any good REO brokers. It is a very difficult job and they do tons of work. REO brokers are also property managers. The deal with tons of offers and legalities that you and I dont have to. They need to have fairly large staffs to handle all the work.

I know several very good ones and they also have plenty of say over pricing. Check out the agents that are listing alot of REO’s and you will find several very good ones that have decades of experience who are getting their properties sold. You will also find dozens of inexperienced REO agents who dont know what they are doing and have listings rotting on the shelves. Experience is everything in this business. The last few years were an anomaly and the business is returning to agents who actually understand how to get things done.

BTW, have you noticed how all the Help-u-notsell, Assist-to-notsell, iPaynone and the other discount houses are disappearing by the day. I havent received a piece of marketing from any discounters in over 4 months. That business model only works in the best of times. Keep at it, watch your expenses like a hawk and you’ll be fine.

[sdrealtor]

SD R,
You obviously dont know any good REO brokers. It is a very difficult job and they do tons of work. REO brokers are also property managers. The deal with tons of offers and legalities that you and I dont have to. They need to have fairly large staffs to handle all the work.

I know several very good ones and they also have plenty of say over pricing. Check out the agents that are listing alot of REO’s and you will find several very good ones that have decades of experience who are getting their properties sold. You will also find dozens of inexperienced REO agents who dont know what they are doing and have listings rotting on the shelves. Experience is everything in this business. The last few years were an anomaly and the business is returning to agents who actually understand how to get things done.

BTW, have you noticed how all the Help-u-notsell, Assist-to-notsell, iPaynone and the other discount houses are disappearing by the day. I havent received a piece of marketing from any discounters in over 4 months. That business model only works in the best of times. Keep at it, watch your expenses like a hawk and you’ll be fine.

[sdrealtor]

SD R,
You obviously dont know any good REO brokers. It is a very difficult job and they do tons of work. REO brokers are also property managers. The deal with tons of offers and legalities that you and I dont have to. They need to have fairly large staffs to handle all the work.

I know several very good ones and they also have plenty of say over pricing. Check out the agents that are listing alot of REO’s and you will find several very good ones that have decades of experience who are getting their properties sold. You will also find dozens of inexperienced REO agents who dont know what they are doing and have listings rotting on the shelves. Experience is everything in this business. The last few years were an anomaly and the business is returning to agents who actually understand how to get things done.

BTW, have you noticed how all the Help-u-notsell, Assist-to-notsell, iPaynone and the other discount houses are disappearing by the day. I havent received a piece of marketing from any discounters in over 4 months. That business model only works in the best of times. Keep at it, watch your expenses like a hawk and you’ll be fine.

[sdrealtor]

SD R,
You obviously dont know any good REO brokers. It is a very difficult job and they do tons of work. REO brokers are also property managers. The deal with tons of offers and legalities that you and I dont have to. They need to have fairly large staffs to handle all the work.

I know several very good ones and they also have plenty of say over pricing. Check out the agents that are listing alot of REO’s and you will find several very good ones that have decades of experience who are getting their properties sold. You will also find dozens of inexperienced REO agents who dont know what they are doing and have listings rotting on the shelves. Experience is everything in this business. The last few years were an anomaly and the business is returning to agents who actually understand how to get things done.

BTW, have you noticed how all the Help-u-notsell, Assist-to-notsell, iPaynone and the other discount houses are disappearing by the day. I havent received a piece of marketing from any discounters in over 4 months. That business model only works in the best of times. Keep at it, watch your expenses like a hawk and you’ll be fine.

[Author]

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