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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.

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Driving is one of the greatest luxuries that we are able to do. Understanding this is important. As the number of cars on the road continues to explode along with the population, this can be easily forgotten – indeed, many treat driving as a right! It isn’t, and for this reason it is important to learn from a responsible driving school. For many, intensive, or crash course driving lessons, are the way forward.

As with any way of learning, different methods work differently for different people. Because of this, it is good to understand the benefits of both driving lesson options.

On a more regular course, you will have greater exposure to different driving conditions. You will also be able to vary the times of the day you go on the road, and possibly have longer nighttime sessions – though these also make up part of crash course driving lessons. Some find that with an intensive course, it focuses their mind and gives the ability to concentrate fully at all times.

As mentioned above, being a concentrated process, learners on crash course driving lessons are put under quite severe pressure. This is highlighted even more if attending a residential course, where you are surrounded by all things driving throughout the entire week; morning, noon and night! If you can handle pressure, great! If you thrive under pressure, fantastic! If not, it is probably best not to put yourself through it – learning to drive is a nervous enough experience at the best of times anyway.

It is also important you will be able to focus on the course. As explained later, crash course driving lessons are more expensive than their more traditional counterparts. Because of this, failing the test at the end of the course will be devastating.

If you have urgent commitments, you need to be certain these will not get in the way of your revision and concentration. Even if you do have other responsibilities though, perhaps you can fit the course into a vacation period.

Whilst learning to drive is an expensive task anyway, as touched upon earlier, the cost of an intensive course is extremely high. Costs go up even further on residential course – due to the additional costs involved for bed and board etc. Having the more traditional lessons, allows you to spread the payments too, and many schools offer free lesson incentives.

It is hard to describe the feeling you get when told you have passed your driving test. But it soon dawns on you just what it means: Freedom! The freedom to spread your wings, (well, tires), to whichever corner of the country you wish to visit. Life is made easier too of course, and your friends and family will welcome being able to ask you for that lift for a change.

No matter which method you choose; be it crash course driving lessons or through the more regular, deliberate method, be sure to make the right decision. Driving is great, driving well is better.

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