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Old 06-07-2010, 08:18 AM
 
Location: home is in the heart
259 posts, read 650,133 times
Reputation: 188

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I know the differences and advan/disadvan. of having a buyers agent vs working with the sellers agent.

BUT... are there any differences when interested in a foreclosed property where the agent is not technically representing the seller (I guess seller in this case being the bank).

Bottom line, should I still look into getting a buyers agent, or just go with the agent who listed the foreclosure?

Thanks for any input, greatly appreciated.
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Old 06-07-2010, 09:14 AM
 
Location: Pomona
1,955 posts, read 10,294,543 times
Reputation: 1554
The listing agent is still representing the bank's interest, albeit not as much of a personal level compared to the typical individual seller. The thing is, because of the laws in some states, some banks don't allow dual agency at all, so you're still going to want your own agent. Someone to (hopefully) watch out for YOUR best interest.
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Old 06-07-2010, 09:50 AM
 
Location: Olympia
1,022 posts, read 3,887,601 times
Reputation: 831
The listing agent owes the bank the same duties as a private owner. Get your own representation.
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Old 06-07-2010, 01:09 PM
 
19 posts, read 36,406 times
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Is CA one of the states that doesn't allow dual agency? I always thought I would have the advantage if I went with the selling agent because of the double commission.
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Old 06-07-2010, 02:39 PM
 
Location: Pomona
1,955 posts, read 10,294,543 times
Reputation: 1554
CA allows it, but depending on how the listing agreement was written, the agent might not yield any additional commission, so such a move is mixed to begin with. The corollary of dual agency is whether the agent is truly representing you, or just representing the best compromise to closing the transaction ... and that's an aspect that can't be addressed by anyone but the agent.
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Old 06-07-2010, 04:04 PM
 
Location: home is in the heart
259 posts, read 650,133 times
Reputation: 188
ok thank you for the responses, really appreciate the input. I'm going to call around for an agent tomorrow.
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Old 06-07-2010, 10:09 PM
 
Location: Columbia, SC
10,141 posts, read 19,844,022 times
Reputation: 8808
There are exceptions, but typically you're better off with your own agent.
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