Boston

[matt113]

I recently contacted a listing agents office in hopes of getting into the property to check the condition. The property is an REO that I have been following for a few months through the auction process. When I contacted the office I spoke to the receptionist that asked if I was an agent, I replied that I was a buyer and seriously interested in the property in question. I was then transfered to another agent whom asked if I was being represented by a buyers agent. When I replied No, this agent said that he would meet me at the property to let me in to view the interior. The agent I met at the property seemed like a pleasant  person and after a brief discussion had me sign a disclosure form, which basically indicated that this agency primarily represents the bank first. This agent then stated verbally that I would not get screwed over by this and that it could be to my benefit. I did NOT make an offer at that time and di NOT sign any other documents locking me into this person. I have asked around and only know of one other person that used the same agency as buying selling agents, with somewhat neutral results. Sorry for the length of this, but have little insight into this aspect of the real estate game.

[Alex]

Matt113,

Good questions and I hope I can add a little insight.  When you contacted the agency in question to view the property you were indeed engaging the brokerage that represents the sellers (bank) and were acting as an unrepresented buyer.  They were correct in both asking you if you had a buyer broker and requiring you to fill out the Agency Disclosure form.  You can certainly work with the listing brokers directly but be aware that the only person acting in your best interest will be you and eventually your lawyer (that's what the disclosure is supposed to make clear).  There is plenty of incentive for the broker to keep you unrepresented and very few reasons for you to not have a buyers agent.  I would suggest, especially for a REO, getting yourself a good buyer broker who has worked with these types of properties before and perhaps knows the home or area.  That person can certainly be within the same agency but you may run into some resistance if you introduce an outside buyers agent into the fray.  However, often something can be worked out between the broker parties to ensure that you are able to have somebody you are comfortable with representing you.  You are in no way obligated to work with that agent to buy this property but want to make sure you keep an open line of communication through the process of choosing an agent.  I hope this explanation was of some help and certainly feel free to contact me directly if you want to discuss further.  

Thank you,