Can a real estate agent in Michigan handle reo properties or do they have to go through a broker?

Answer 1

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.

Answer 2

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!

Answer 3

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!