Question about buying house

[stinkynuts]

I am planning to buy a house. It is a bank sale, and I am considering using the listing agent to buy the house, and not find my own real esatate agent (I don't live in province and don't have one there).

Since the real estate agent will receive double if the deal goes through, they will be motivated to make my offer go through, and give me a better chance of getting the house. This is exactly what happened with my last house.

I heard this is a good strategy, especially since this is a bank sale, and the real estate probably doesn't give a shit how much the bank gets for it.

Any advice on whether I should go this route?

 

[LTO_3]

Well, if you can't have the home inspected before buying it - very, very bad idea IMO - there's also the non-resident speculation tax to worry about. That's what comes to mind but likely more once I have more time to think about this. Using the same agent I don't see any issue. Check out the agent on-line, on Facebook & Instagram if the agent's on them.

LTO_3

 

[xix]

I did this and it cost me extra 5k. The real estate agent, after I made the offer, called back saying they want 5k more. The GF then without consulting said we will pay. The funny thing the Agent spoke my native language, double whammy. Never again dumped the GF, she got nothing, my parents name on it plus loan, and the Agent once in a while sees me but avoids me. Small area.

IF the agent jacks it up tell the agent you are walking if you don't get listed price.

 

[stinkynuts]

I did this and it cost me extra 5k. The real estate agent, after I made the offer, called back saying they want 5k more. The GF then without consulting said we will pay. The funny thing the Agent spoke my native language, double whammy. Never again dumped the GF, she got nothing, my parents name on it plus loan, and the Agent once in a while sees me but avoids me. Small area.

IF the agent jacks it up tell the agent you are walking if you don't get listed price.

Wait, how do you know that the agent didn’t help you get the house ?maybe someone made an offer that beat your original offer, and she wanted you to get the house so told you to bid 5k more for you to secure the house. Unless I’m missing something, that’s the way I look at it.

It would make no sense for her to lose out on a deal where she can make twice as much money.

 

[xix]

Wait, how do you know that the agent didn’t help you get the house ?maybe someone made an offer that beat your original offer, and she wanted you to get the house so told you to bid 5k more for you to secure the house. Unless I’m missing something, that’s the way I look at it.

It would make no sense for her to lose out on a deal where she can make twice as much money.

She is greedy, it sat there for 3 months. I asked the neighbours right away if any people came to view the place, the retired guy who sits outside like an army guy at the time said no. Only three people and I was the 4th after 3 weeks no action what so ever from the last person.

But if the House you are looking at is listed by the bank, the bank agent may jack it up if the real estate agent says we can part the profits.

I would threaten the RE-Agent that you would talk to the bank manager or you know him. It's all a game.

Forgot to mention the X-GF said yes but then again my parents wanted me to have it. The X is gone she got nothing because she was gone before signing the deal. RED FLAG.

 

[angrymime666]

I am planning to buy a house. It is a bank sale, and I am considering using the listing agent to buy the house, and not find my own real esatate agent (I don't live in province and don't have one there).

Since the real estate agent will receive double if the deal goes through, they will be motivated to make my offer go through, and give me a better chance of getting the house. This is exactly what happened with my last house.

I heard this is a good strategy, especially since this is a bank sale, and the real estate probably doesn't give a shit how much the bank gets for it.

Any advice on whether I should go this route?

do not use the listing agent. they would be getting 5% and have little to lose but everything to gain. at least with another realtor not affiliated with the seller there is a better chance of nothing shady happening since any shady shit happening could endanger their commission.

just to confirm from what I read from your response, you have not physically seen the property in real time and just photos?

realtors dont give a shit about you, just the commission. I cant comment if this a good strategy or not but I dont trust realtors. lots of shady practices. the bank does give a shit. the realtor doesnt. they want the sale and the money sooner than later. banks have a number they need. they dont want to loose money in a bank sale since they need to recoup their losses if they have any. any money above the owing mortgage goes back to the original mortgager and bank.

 

[stinkynuts]

do not use the listing agent. they would be getting 5% and have little to lose but everything to gain. at least with another realtor not affiliated with the seller there is a better chance of nothing shady happening since any shady shit happening could endanger their commission.

just to confirm from what I read from your response, you have not physically seen the property in real time and just photos?

realtors dont give a shit about you, just the commission. I cant comment if this a good strategy or not but I dont trust realtors. lots of shady practices. the bank does give a shit. the realtor doesnt. they want the sale and the money sooner than later. banks have a number they need. they dont want to loose money in a bank sale since they need to recoup their losses if they have any. any money above the owing mortgage goes back to the original mortgager and bank.

What do you mean? Isn't the original bank/mortgager the one selling the house? The buyer of the house couldn't pay rent. The bank that mortgaged the house took posession of it, and is now selling it? Isn't that how it works?

 

[LTO_3]

The bank is using an agent to represent the bank's interest and not you in the sale. Although you could use that agent and take your chances, the agent has no obligation to you since that would be a conflict of interest to represent you while representing the bank. By using your own agent, he/she can advise on other offers made and other issues regarding the house while the bank's agent doesn't. Get your own agent would be best.

LTO_3

 

[xix]

Check for leans.
IS there a way to check the foundation, land flooding, Any outstanding building code issues from city hall?

Also ghost, and if you get it, have a priest exorcism the house from the previous owner bad feng shui if they couldn't pay or didn't want to.

 

[Not getting younger]

I am planning to buy a house. It is a bank sale, and I am considering using the listing agent to buy the house, and not find my own real esatate agent (I don't live in province and don't have one there).

Since the real estate agent will receive double if the deal goes through, they will be motivated to make my offer go through, and give me a better chance of getting the house. This is exactly what happened with my last house.

I heard this is a good strategy, especially since this is a bank sale, and the real estate probably doesn't give a shit how much the bank gets for it.

Any advice on whether I should go this route?

Stinky. I like you, make sure you read my DM.

 

[angrymime666]

What do you mean? Isn't the original bank/mortgager the one selling the house? The buyer of the house couldn't pay rent. The bank that mortgaged the house took posession of it, and is now selling it? Isn't that how it works?

yes the bank is selling the house; however, if the bank sell it for more than what is owed by the defaulted mortgagee the excess is given back to the default mortgagee. it would be extremely shady and unethical of banks if they could foreclose on a house and make a profit on the gain. that is my understanding. confirm this though as I have been incorrect at time.

 

[stinkynuts]

yes the bank is selling the house; however, if the bank sell it for more than what is owed by the defaulted mortgagee the excess is given back to the default mortgagee. it would be extremely shady and unethical of banks if they could foreclose on a house and make a profit on the gain. that is my understanding. confirm this though as I have been incorrect at time.

Yes, you are right.

If someone buys a house and owes the bank $300,000 for the mortgage, and defaults, then the bank will sell the house. If the house sells for $350,000, the bank will collect $300,000 and $50,000 will go to the person who bought the house.

 

[hockeyguy19]

I would always advise you find your own realtor. When agents are in a position to double-end a deal, that is when the shadiness begins and its all about greed. They are legally obligated to serve their client, i.e. the bank and are not looking out for your interests.

In Ontario, the provincial regulator for real estate agents, RECO, hears many cases involving unethical real estate practices among agents and the majority of those cases involve situations of double-ending or dual representation. I believe that Ontario is the only province that allows this type of dual representation where the slave serves two masters. And it only occurs in real estate. Imagine if lawyers were allowed to represent both sides at the same time, it would be a shit show.

If dual representation were to be make illegal, it would get rid of a lot of shadiness and corruption among agents.

 

[Not getting younger]

Part of my DM to stinky touched on some stuff. Any idea what/how much doesn’t get reported? To reco or brokers of record?

And for what it’s worth. While using listing agents for both ends is just asking for something. Lol…….

consumers think “why use an agent” it’s stupid how much they get…

the lawsuits, the stress, the cost of fixing this or that, the shadiness in deals (especially these days), the deals that fall through ( especially these days). Listing agents that do this or that, don’t include this or that in the listing. Buying agents that do this or that….

Real estate lawyers that are lazy, misinform buyers..and then buyers are on the hook, or right pissed off.

There are a ton, of horror stories.

 

[concol]

Use your own agent. Make sure to get a house inspection. With bank foreclosures the original owners likely knew months before they were walking away from the property and didn't keep up the property.

 

[Sachin1978]

As a realtor in the business i can 100% say percent hire your own realtor as they will be representing your interest and can get what you want and how you want it. Sometimes when you go direct to agent who list a house they will mainly be first working for the seller. They will be doing everything according to the seller and you will be left out of pocket and with no burgaining chips.

If you need any real estate advice or questions feel free to ask me. Happy to help.

 

[Jenesis]

The bank is using an agent to represent the bank's interest and not you in the sale. Although you could use that agent and take your chances, the agent has no obligation to you since that would be a conflict of interest to represent you while representing the bank. By using your own agent, he/she can advise on other offers made and other issues regarding the house while the bank's agent doesn't. Get your own agent would be best.

LTO_3

This.

Use an agent of your own.

 

[pusher69]

Hire your own agent keeping the Listing and Buying agents separate unless you already have a good relationship with the agent.
Since the listing agent for the house you are planning to purchase doesn't reside in your province, that agent may not be able to list your current property. Hire a local agent to sell your property to get the most out of it.

Its also bad ethics for an agent to present a lower offer to entice the seller to sign just to save you some money. Only the seller pays the commissions to the agent(s) buyer/seller.

I've bought and sold many properties over the years... and my rules are:
1. Keep the listing and buying agents separate
2. Don't use any close friends for any financial transactions
3. Don't listen to any advice of either agents for real estate lawyers or home inspectors. Research and hire your on your own.

Generally, buyer/seller that use 1 agent, are lazy and/or expect a good deal on the commission, but don't understand that saving 1-2% on these types of transactions might end up costing you a lot more.

 

[Ceiling Cat]

Wait, how do you know that the agent didn’t help you get the house ?maybe someone made an offer that beat your original offer, and she wanted you to get the house so told you to bid 5k more for you to secure the house. Unless I’m missing something, that’s the way I look at it.

It would make no sense for her to lose out on a deal where she can make twice as much money.

In this market there all sorts of games are pulled, everyone is playing for his own team. I heard of a seller that was sitting at the table with both real estate agent and the buyer ready to sign on the deal. He demanded $3000 from each agent and $3000 from the buyer, or no deal. He made his sale and got $9000 additional and was grinning with no shame. The guy was a sociopath.

 

[y2kmark]

Well, if you can't have the home inspected before buying it - very, very bad idea IMO - there's also the non-resident speculation tax to worry about. That's what comes to mind but likely more once I have more time to think about this. Using the same agent I don't see any issue. Check out the agent on-line, on Facebook & Instagram if the agent's on them.

LTO_3

Same agent representing both sides of any transaction not an issue?...