Do Real Estate Agents not like to show buyers foreclosed properties?
Posted on July 11th, 2010 in Renting & Real Estate | 7 Comments »
Nadya asked:
We've been working with a real estate agent and every time I bring up exploring foreclosed properties in the area, she "stonewalls" us and says there aren;t opportunities (which I know is bs). Does she not get a good commission on foreclosed properties? I've told her we have plenty of time to wait out a foreclosure if the potential deal is worth it.
Current Mortgage Interest Rates
We've been working with a real estate agent and every time I bring up exploring foreclosed properties in the area, she "stonewalls" us and says there aren;t opportunities (which I know is bs). Does she not get a good commission on foreclosed properties? I've told her we have plenty of time to wait out a foreclosure if the potential deal is worth it.
Current Mortgage Interest Rates
7 Responses
Torrance Mls Listings
In Texas where I sell homes all the foreclosed properties are in the MLS right along with all the others. I think people often buy them for to high of a price when you consider the condition they are in- but the agent is paid a good commission. The HUD owned properties actually pay a lot more commission that regular properties.
What I do is show a wide range of homes so the buyers can decide for themselves. I warn them of any lack of inspection period or extra long delay in closing or such- but I sell foreclosed homes to those people that decide on them.
Non Surgical Face Lift
Most realtors prefer showing their own listings first–they get full commission—-any listing that is not theirs-is basically a % of the commission if they help sell it. First of all—ask her to e-mail you listings and sales in the area and range you are looking for…hers or not..If she refuses she is simply being greedy…Feel free to contact the selling agency if she refuses to show something that interest you.
Sacramento Homes
A good real estate agent will take you to any house your interested in.
However, a good real estate agent will also want to show you houses that fit you well.
These two tactics may conflict with one another when it comes to foreclosures.
1. A foreclosure is likely to require alot more work than one not in foreclosure, making it unattractive during a walk through and possibly pulling time away from more attractive home.
2. A foreclosure may involve a lot of administrative work that could lengthen the time it takes to close the deal.
3. While a foreclosure may be less expensive than a non-foreclosure, you are probably not talking about huge differences in commission. Assume similar sized houses in similar neighborhoods One is foreclosure at $230,000. One is not at $260,000. The difference in commission might be $900, which is probably not enough to drive off a client who may be interested in foreclosures.
If after you meet with your real estate agent and stress your desire to view some foreclosures and he/she still resists, you may want to consider a new
Walk In Bath Tubs Installation
If your real estate agent will not show you foreclosure or tell you why she will not show you them, then I suggest investigating foreclosure on your own. Still keep working with her just in case you don’t find out if a foreclosure will work for you. Go to and check to see where the foreclosed homes are in your area and then check out the ones in the area you like to live. If you see one that you are interested in, then contact the bank handling the foreclosure and find out what it takes for to become the home owner.
Key Fob
commission is same but she must think it is waste of her time. Be very direct with her that if she wants to work with you she needs to show these houses with a smile on her face. There are hundreds of agents willing to show you that house if she cannot change her attitude.
Ask her very directly if she can stop her complaining and show you homes you want to see? About 3% of the purchase price is going to end up in her pocket and you have the control if she gets it or not. If you use a different agents she gets $0.
Another option is to put ad on Craig List asking for agents willing to share 1/4 of their commission with you to go towards prepaids and closing costs. You will get a few responses from aggressive agents willing to use some of their commission to pay those fees for you. This is cool way to get part of that commission the seller is paying. It is called a buyer rebate.
Auburn Homes
So use another realtor and be upfront that is what you are seeking. Foreclosed homes do not sell cheaply and the wait time to actually close on the house is almost a year. Your priority should be to look at every home in your price range. Remember if owners could not afford to pay their mortgage then you know they neglected important maintenance on the House
Organic Coffee
every one here is correct. The problem you have with some agents is that they know just how much home you qualify to buy. Many of the foreclosures may be well under that range and they may want to get the highest commissions possible. I would dump this agent and find another one that will show you any home up to your max price