Can I purchase bank owned properties or do I have to go through a licensed real estate broker?

Answer 1

You don't need to go through a Realtor to buy real estate being sold by anyone unless a Realtor is representing the seller, and even then you don't need your own representative.

If the bank has hired a Realtor to sell their property, it won't cost you any more to have a Realtor working for you in your corner which can come in handy if you aren't experienced in buying real estate. Just be careful not to get taken advantage of or end up getting sued if you decide to go it alone. Good luck!

Answer 2

Banks very seldom accept offers from individuals in selling bank owned properties.

They have farmed this chore out to licensed real estate brokers.

So the answer to your question is you have to go through a local broker to purchase a bank owned house.

Now you can have an agent represent you if you so desire, but not necessary as you can use the banks agent.

I hope this has been of some use to you, good luck.

"FIGHT ON"

Answer 3

There is no law that requires you to use a real estate agent. People sell their own houses all the time. But they are experienced experts in their field, have passed the licensing requirements saying they know what they are supposed to do. The buyer seldom gets charged a commission from their agent, the agent gets that from the seller. So unless you know exactly what you are doing, it would be smart to use an agent when buying.