BiggerPockets

Why would you want to cut out the agent? The agent will not charge you a penny as the buyer. Most listing agreements signed by a lender would have a clause that would still hold the lender liable for the commission on the sale for a period of time, even if the house was taken off the market. Now the agent might go ahead and release the listing, but why would he/she? Remember agents have to make a living too. If you are worried about the 5% commission the bank is paying then it probably is not that good of a deal anyways.

I apologize if I was short on the last post. As an agent, we do get cut out of the deal a lot. Used and abused. I know it comes with the territory. I just hope that everyone will eventually realize that Realtors are good people trying to make a living too. That's all. Congrats on getting the deal done! Best of luck!

Can you imagine what it'd be like if REO lenders dealt directly with the public? Good lord. REAs sure earn their commission on REO deals. REO lenders don't pay REAs enough to handle the inventory they get.

I used to originate loans for REO agents' homebuyer/customers. She (the REO agent) told me it was like working in a sweat shop. She had to be at her desk by 9:00 a.m. every morning--in case the REO manager called. She went to lunch strictly from 12:00-1:00--in case the REO manager called. She was able to leave at 6:00 p.m. because, by that time, the REO manager had gone home, too.

All that for 1-1.5% commission. Sheesh. (On the other hand, REO agents don't have to prospect for listings, only for buyers, during times like this.)