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 everyday buyer who is looking to finance their purchase is having problems getting the agents to even show them the properties.
The issue comes in that most agents have buyers that are investors who purchase the properties 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 is able too 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 the 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 and 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.
Many of the properties are sitting out there waiting for someone to come along and make themselves a good purchase, but the agents are looking for the easiest and fastest payday without having to wait 30 or 40 days for the home to close with a traditional buyer.
The other thing that is becoming more obvious is the lenders are making harder for a buyer who already has an 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 seller so they can pushes the sale price higher to their benefit.
Be careful when looking to buy a foreclosure and use someone that is experience in dealing with buyers so that you have someone on your side all the time. Having your own agent will protect you from the vultures out in the world of real estate.
Tim Robbins, Sr An Exclusive Buyers Broker in New Jersey for almost 20 years. I have been offer Buyer the option of having their own broker working with and for their interest. The simple difference in agents is who they work for when you are making a purchase. You need to have someone on your side who will guide you through all of the intricacies on the most important purchase of you life. To find out more about how you can become an educated consumer and learn more visit or call 1-800-610-3588
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