Can a real estate agent in Michigan handle reo properties or do they have to go through a broker?
Saturday, April 17th, 2010 at
12:27 pm
Tagged with: real estate
Filed under: REO Brokers
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All agents in Michigan need to operate under the auspices of a licensed brokerage firm, unless they hold a brokerage license on their own and operate as their own real estate brokerage firm.
A ‘sub agent’ of the brokerage firm may handle REO or any other type of property covered under his/her licensure.
Dear absolutely clueless, tactless this can be handled through the broker which is handling the sale for this particular bank/lender!
How can you not have enough sense to think a little, it isn’t that difficult, thanks for the speech, but I’m in the business and you need to learn a lot more about R. E. & about manners, before calling someone clueless!
It’s clear you have no idea what you are talking about, so before answering and saying a bunch of sensless stuff, think it over Mr. clueless!
Yes, most licensed real estate agents can show you REO properties. They usually work under another broker’s license unless they themselves have a broker’s license.
Find a real estate buyer’s agent who will represent you in the purchase. Do not go to the listing agent! A REALTOR who has the ABR designation is a buyer’s agent but many others also do a good job helping people find properties.
Remember the REO may have a set of issues such as missing appliances, serious lack of maintenance, and other reasons why it is now a REO. You will be dealing with the lender or with HUD or Fannie Mae or whoever and not with an individual.
If it is a HUD — it is “as is” and buyer beware! You need good representation from a good REALTOR who can advise you on price, show other properties, suggestion home inspection companies, recommend an attorney etc. etc.
Good luck!