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You may wonder who pays the real estate agent when a foreclosed home is purchased. In these economic times there are many foreclosed properties on the market. There are many real estate investors who are buying up homes rehabbing them and selling them for a profit to first time home owners and even to other investors. Some investors are paying as little as thirty cents on the dollar.

They are buying from foreclosed properties or what is known in the real estate industry as an REO. This stands for real estate owned. These are properties that the bank owns because they were foreclosed upon. The buyer or person who took out the loan on the house failed to make the requisite payments and defaulted on the loan and now the bank owns the property.

The problem however is that banks are not in the real property selling business. Banks are in the business of lending money. Now we have banks with a large inventory of foreclosed properties, or REO’s. Because of a very active and influential lobby group in Washington DC, banks cannot sell their foreclosed properties without a real estate agent.

So if you are looking to buy an REO for real estate investment purposes or if you are looking for a home to buy to live in you will have to go through a real estate agent and not deal directly with the bank. And in almost every case the agent will be paid his or her commission from the sale of the house which means that the bank will pay the commission.

However you need to understand that the agent commission is figured into the price of the property. So the buyer will not have to cut a check to the agent but the buyer will be paying for the commission in some form simply because the bank has added part if not all the commission to the sale of the property.

But usually when an agent is acting on the behalf of a bank he or she will not get as high a commission percentage as the real estate agent would when working with a private buyer and not a bank which has more ability to negotiate a lower rate of commission because of the volume of houses they deal in. Many banks only work with a limited number of agents.

In fact when you contact an agent you might notice that some will list on their business cards that they are REO specialists. If you are looking for a foreclosed property you will want to work with an agent with this specialty. What has been happening recently also is that many banks are actually holding onto many foreclosed properties.

There rationale is that if they release their REO properties little by little they will be able to inflate the prices of their properties and thereby not lose as much money as they would have if they released all their houses at once. The government is frowning on this practice as it is creating a falsely inflated housing market.

Whether you’re looking for Vancouver doctors or health clinics in Vancouver, be sure to check out the Canadian online directories where you can search by city or region. View local listings of Vancouver travel agents to Vancouver Real estate agents and more.

Every day more and more exciting tools and applications spring up online as businesses pave the way to make shopping, chatting and reviewing on the web a thing of the norm. If you’ve marvelled at and made use of some of the great ways you can use the internet nowadays such as Twitter and eBay, there’s a new type of online service you might find useful too; an online recommendation service for finding local tradespeople.

Ratedpeople.com is the UK’s largest match making service for customers looking for reputable and recommended tradesmen. They find you up to three recommended tradesmen in your area when you provide details of your home improvement project on their site. Tradesmen interested in quoting on the work will get in touch with you and you’ll be able to choose the best one based on the ratings that they’ve received from their previous customers. Then you can rate them on the job they’ve done so that others can benefit from your experience.

The website is a great way of putting you in control and if you value the importance of a personal recommendation, you’ll really appreciate the ratings that others leave on the site. It’s also useful if you’re strapped for time as you won’t have to spend ages trawling through directories only to find a tradesman you haven’t a clue about and can’t necessarily trust.

The other great thing is that it doesn’t cost you a penny; just make sure that you’re serious about the job you post and that you can give a valid email address and telephone number that tradesmen can contact you on.

So get involved with the new way to look for tradesmen in your area by visiting Ratedpeople.com.