Cut ties with buyer agent?

[Joseph L.]

Hello,

I am trying to put in an offer for my first REO and was just looking for some inight and opinon.

First I have been talking to to a buyers agent and he gave me a list of REO properties and I did find one that I believe would be a good deal so I asked him to provide me with comps so I can compare what the ARV would be to know if it was worth doing.

Do your agents take a while to get back to you? (2-4 days) or I am just expecting to much?  I am in the process of getting a pre-approval letter so could that be the reason it takes so long to hear back that he think im not for real?

Also even though I asked him for the list of REO's i've been reading that it is better to just go through the listing agent as they would be more willing to deal with you. I would be looking to do a conventional loan of FHA (dont' think it will qualify do to work needed) so would you recommend just cutting out the buyer agent and email the listing agent?

thanks for any help.

[J Scott]

First, while others here may disagree, I'm a big believer that -- until you have a few deals under your belt, are comfortable with every aspect of the contracts and fully understand the REO process -- you should have an agent who represents YOUR interests, not the seller's interests. So yes, I say to make sure you have your own agent and don't go through the listing agent until you are more seasoned.

As for the agent you have, taking 2-4 days to get back to you with comps is ridiculous. My wife and I occasionally help other investors by acting as their buyer's agent, and I couldn't imagine not getting back to the investor before the end of the day in which he requested the information. Worst case, the next day.

Good buyers agents realize that the best deals will go quickly, and if he's taking 2-4 days to get back to you with comps, it's quite possible the deal is already gone.

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