BiggerPockets

I think you should really be careful. If you do not know the listing agent, it could also be a disadvantage. You would have to make sure that the listing agent isnt only telling you what you want to hear in order to get another sale under their belt and commission check. I think there are an enormous amount of great realtors out there, but how do you know if you are dealing with the most honest realtor unless you get to know them.

From my personal experience, I had a dual agent during my closing and they convinced me to use their inspectors. Everything passed with the exception of a few cosmetics. Then my heat and air immediately went out, electrical wiring had to be replaced and the roof began to leak. I never outwardly blamed the agent or the inspector, but it was very hard not to keep thinking I had been duped as a first time homebuyer.

The "realtors code of ethics" is a joke. Most of them do not follow it. They all talk behind their buyer's/seller's back to get the deal done. They are just as bad as any other salesmen, but pretend to follow this nobel "code." Don't be fooled. Do whatever gets the job done. I cant stand realtors (as you might be able to tell) so I used the listing agent until I find an agent that I like to represent me on my next deal. I am usually able to work with an agent for a few months before we get in an argument because I am not offering what they want on a GREAT deal that covers PITI! Realtors call these deals "CASH COWS."

I will chime in here as I have quite a bit of experience in this area.

What Jeffrey stated is spot on. I can't even count the number of times agents have pushed a buyer who they are representing to purchase house A rather than house B because their commission would be higher. If that is not a violation of ethics, nothing is!

At any rate, I somewhat disagree with what Richard stated, although I respect his opinion. He is right in that you need to be careful who you trust, however, countless times I have formed great relationships with top REO brokers (which is a necessity in the REO biz) and although they represent the banks as the sellers, there is somehwat of a non-personal attachment as banks are just big corporate entities and I am a real person in their office whom they like, whom they drink beers with, whom they joke and laugh with on occasion.

These relationships produce great deals. I get deals at lower prices then what others have offered at times. I get deals and know about deals before anyone else. I only get this if the brokers and agents are capable and williing to quote, unquote bend the rules.
Just make sure they bend the rules (as far as their rules are concerned) in your favor and not the banks. They still have to bring in a reasonable BPO price as it will be checked via the banks outside appraiser and they still have to perform the duties for the bank.
But having the listing broker dual represent gets them the ability to double dip the commissions (rarely will you find that they will represent both sides for only the 3% (and why should they, they take on double the liability!).

Moral of my long story, I believe that it is essential to make your offers (at least for REO's) through the listing broker and not through another buyer's agent.

Dee, you are experiencing just one of many problems with using a buyer's agent to purchase REO's.

Your agent should not refuse to submit an offer but should advise you that it might not fly and to expect a counter. But what does it hurt to get the negotiating ball rolling with a lower offer? Got to start somewhere and it might as well be at a price that is better for my client.

Just always remember the listing agent is working for the seller. If you are experienced, competent and very knowledgeable regarding the contracts and addendums, then there is nothing wrong with approaching them.

Do you guys think is wrong to contact an owner behind my buyer agent to submit an offer or talk to the owner about a deal. Two weeks ago, i ask my realtor to submit a particular offer, afetr much back and forth, supposely she submitted it, a day later she told me that the owner wants more money down. my feeling tols she just dont feel confortable with my wording and my price.
Any thoughts

Dee,

Me personally... I would say it is not wrong. It is your transaction.

First off, do you have a written agreement with this buyer's agent? If so, it may very well stipulate that you can not. You should consult an attorney.
If you don't have any written contract between you two, then it is just a moral issue and not a legal one - your choice which way you want to swing.

Jamie, that is a fair question. To answer, I would not be using a buyers agent in the first place, so I would not be in that position. Hypothetically, if I was in that position, it would depend. Is the agent not submitting offers I want to submit? Is the agent not actually pulling their weight? If so, I would not go around their back, rather, fire them and then go direct.

As an REO agent, this is 100% correct