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I just looked at the Wells Fargo site, and the homes ARE listed with realtors. What WF is doing is like you advertising your own home even though you have it listed with a realtor.
Banks use Asset Management companies. The Asset Management companies are connected with the agents in the area who list the properties. Neither banks nor asset management companies work with individual buyers as they don't want to deal with the calls from all the would-be investors out there.
Now, if there is a portfolio of multiple properties that they are trying to wholesale to get off their books, they sell to wholesalers without agents, but you have to have deep pockets to be able to pick up that many properties at once in their as is condition, occupied or not.
different banks show different houses which means these REOs are under these banks. Those listing agents I believe are actually lending officers, not realtor, or could be both?
Quote:
Originally Posted by Okey Dokie
I just looked at the Wells Fargo site, and the homes ARE listed with realtors. What WF is doing is like you advertising your own home even though you have it listed with a realtor.
who pays for the realtor, the seller? Is it not the percentage of the property sold or what? What are these closing fees I read about?
One listing agent told me it's not ethical to tell other buyers how much is being offered for the house so other buyers could counter the offer with a higher bid. I don't get why it's ethical to sell a house for more than its listed price when there's a bidding war either, might as well auction it off than putting it up for sale with an actual listed price.
Quote:
Originally Posted by LifeIsGood01
You as a buyer do not pay for the realtor so why would you care?
so who then brokers could use as a shield against possible claims of anything? Are brokers immune?
Licensing boards.
Real Estate commissions.
Attorneys.
Brokers are definitely not immune to complaint for bad behavior.
Quote:
Originally Posted by ethnicappalachian
who pays for the realtor, the seller? Is it not the percentage of the property sold or what? What are these closing fees I read about?
One listing agent told me it's not ethical to tell other buyers how much is being offered for the house so other buyers could counter the offer with a higher bid. I don't get why it's ethical to sell a house for more than its listed price when there's a bidding war either, might as well auction it off than putting it up for sale with an actual listed price.
Buyer foots the bill for all fees in a transaction.
There is no such thing as a bidding war, except in superstition.
REO sites ARE an auction-type sale.
When you dilly-dally in REOLand, you sign off on rights and laws that pertain to conventional market transactions.
The property I was looking at is bank-owned but not a foreclosure. Is this considered an REO then? It's not labeled as such though.
If it's bank owned, does that necessarily mean it's a foreclosure or not always?
Highest and best offer takes it, so I'm assuming it's a form of auction without an auction house involved (no auction fees, etc.).
Quote:
Originally Posted by MikeJaquish
Licensing boards.
Real Estate commissions.
Attorneys.
Brokers are definitely not immune to complaint for bad behavior.
Buyer foots the bill for all fees in a transaction.
There is no such thing as a bidding war, except in superstition.
REO sites ARE an auction-type sale.
When you dilly-dally in REOLand, you sign off on rights and laws that pertain to conventional market transactions.
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