In speaking with home buyers and Investors of Real Estate, the one thing that keeps coming up is how people are viewing agents in the troubling time when so many properties are being purchased by investors. The normal buyer who is looking to finance their purchase is having problems getting the agents even to show them the properties.
In case you are going to hire an agent, you need to make sure that you will only be dealing with a professional like I buy houses – not a sales person because there are a lot of problems that you may encounter with them.
The problem comes in that most agents have buyers that are investors who buy the property and then place them back on the market for sale with the same agent who had the foreclosure listed in the first place. This way the agent can also receive additional commissions on two sales. With the one sale to a traditional buyer that may never see the chance to make more money.
This problem is becoming wide spread; the regular buyer has no chance in many cases to even see the good properties because they are taken before the buyer even get a chance. In conversations with buyers who have been trying to buy a home and looking at hundreds of listing when the call the agent in many cases they are told I already have a contract and refuse to receive any more offers.
The fact of the matter is that just because there is an offer on a property that agent must accept other offers to make the seller receive the highest and best. But many agents are hiding the fact to the Seller or Bank in the case of foreclosure sales that there maybe a better offer.
The worst thing that could happen to you, if you are going to hire a salesperson “slash” property agent is that you could have purchased a property that is not as good as what you’re looking for. Keep in mind that a salesperson is someone who is persistent and, often, annoying. They will call you any time to close a deal and get their commission, which is the worst thing that you could experience.
If you want to be sure with the agent that you are going to hire, you need to make sure that he appears knowledgeable; regarding statistics, records, and predictions. Although it would be impossible for someone to tell what is going to happen in the market, a professional real estate agent should be good enough to tell you everything that he knows, not only in the market but with the property as well.
The other thing that is becoming more obvious is the lenders are making harder for a buyer who already has approval in hand and is ready to buy, by making the buyer go all through the process all over again with the Selling bank and be pre-approved with them. The biggest issue I see with this problem is that the Seller or the Bank now takes away the bargaining power of the buyer and places it with the vendor so they can push the sale price higher to their benefit.
Be careful when looking to buy a foreclosure and use someone that is experienced in dealing with buyers so that you have someone on your side all the time. Having your agent will protect you from the vultures out in the world of real estate