Bank Owned On MLS....deal Directly With Bank Or Listing Agent?
Newbie here just waiting to JUST DO IT!
I found a SF in need of repair listed on the MLS. It has already been taken back by the bank so which approach is better, making the normal offer through the listing agent or trying to contact the bank directly? Pros...Cons....Advice.....
Thanks Everyone!
When the bank signed the listing agreement with the agent they agreed to have the agent represent them in the sale. I doubt they would go around the agent.
Jim
This is true. Unfortunately, you will have to go through the agent b ecause of the listing agreement.
Contact the listing broker to see the property and place an offer.
The commission the broker receives from the bank is payment not just for selling the property but for a lot of free work the broker does for the bank; ie. evictions, cleanouts, winterizations, yard work, and appraisals.
If you contact the bank they will just refer you to the local listing agent.
It would be nice to cut out the middleman and save, but that middleman broker earns every penny of his commission.
Typically, a foreclosing junior lien would foreclose the rights of the mortgagor to the property, and take ownership subject to the senior mortgagee.
Go for it! You have nothing to lose but your time and you have a wealth of information to gain. My first two short sales were worth more in knowledge and experience than any 10k bookcamp.
Brenda