Why are my deals falling apart! This is insane. I have specific directions to the buyer broker on the mls and it seems as if they can not follow. NO THIS HOME CAN NOT GO FHA! How simple is that? A pre approval letter is required! How simple is that? This is making me look bad to my asset managers. WHYYYYYYYY!!!!!!! But hey it happens so I pray thank God for the opportunity and its on to the next one!
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Steve you are right. I will not submit an offer unless I have everything from the buyers agent. I also let them know that while I am waiting for them to get me everything that I need someone else may submit an offer with the correct documents and the correct one will be submitted. Usually this helps.
Yes, I agree some of these agents do make us look bad. I don't care what you put on the MLS, they are not going to read and follow the directions. They never look at the special comments or the Title Company. If I ever get a contract that is complete and all requirments are met I will shout a prayer that the whole state of Texas can hear.
I am an older,relatively new agent (less than 4 years). Our office is small,but 1/2 our agents work on REO's and support each other with passing on information for sloutions and etc,like we all agree here,every bank is different. The one thing that irritates me are the agents that have been in the business for a long time and are use to controlling and having everything accomplished in a "timely manner".........they have never done a foreclosure before and trying to explain the process to them is not fun,you go through the explanation and they act like they're listening and the next thing you know they're right back to how THEY expect it to happen, I just do what I am suppose to do and try to solve problems without going back to them anymore than I have too.I do what the banks want in a timely manner,but the banks turn around time I call "hurry up and wait".
You can have the best training available, but you cannot force someone to attend.....or to learn something.
I had a deal this year that went on for 7 months before finally being terminated. The agent was so sloppy and incompetent that his broker fired him the day after the transaction finally came to a conclusion. But it also cost me the listing (and others) from the Big-4 bank. And I still don't know if I will get anymore listings from them because of this.
Sometimes you can do everything right and it still goes South, just the nature of the business (and the current market) we are in! One thing I learned the hard way was to hold all offers until the package is complete and proper, never send an incomplete package to the asset manager regardless of what the Buyer's Agent promises!
Steve hit the main point. Hold all offers until the required docs are in and you have verified everything to the best of your abilities. That will definitely lower your fallout rate. If you don't then you should share some of the liability in the offer not proceeding. Why are they falling apart? Also, I always like to keep marketing until at least one back up is in place.
Yes my team and I do all of this. We have been doing REOs for years now. We really can't control what others have going on. (Wish sometimes I could...) But nevertheless we have to keep on pushing!
George Bellino > Dr. Marqueze D. Williams, Sr, NRBAAugust 16, 2010 at 3:48pm
You have to try and control what other agents have going on. Most agents don't understand the REO closing process and it's slight differences. I have learned to take control and do most of the work in order for it to get closed. That means we have to do some of the buyers agents job but it also means it has a better chance of getting closed.
It's called education to the Buyer's Agents. At our association we are blessed with a board and CEO that puts education above all else. As the vice chair on the eduction/professional development committee i am excited with all we as a group have accomplished in the last year. We have implemented a panel of the top REO agents in the area to answer direct questions and give a blow by blow accounting of the process from A to Z. The room was packed. We implemented a panel of Attorney's, loan officers, and home inspectors to explain their process and to help the agents learn what is out there to deal with, it was 1/2 packed. We were successful in getting the Master Of Equity judge to come in to the association on a Friday afternoon with her para legal and explain the process in her office and what happens at the courthouse auction, Wow that was great and it was super of her to take the time to do this.
As an REO listing agent, I try to take the time to explain to the buyer's agents the process, if I haven't done a deal with them before, and they are appreciative of the learning experience. I learn something new myself with each transaction and it continues on up the ladder.
I am excited to say that our next panel is going to be the Zoning folks from the two counties I work in, DHEC, code enforcement, and a lawyer r to talk about the zoning, set backs, code requirements and where to find the information needed and who to ask.
With these monthly classes set up we may not be able to reach all the agents (we have over 3000 in our association) but we can certainly help those of us that want to learn do so.
So, why are your deals falling apart? EDUCATE THE BUYERS AGENTS AND THE CLIENTS!!!
lolol.... Dont mean to laff at you... but, WITH you!!!... Some agents call themselves agents... but they're un-professional or they just have a license and no clue......lolololol.... Just realize how valuable you are compared to the average guy w/ a real estate license..........lololol
Replies
I had a deal this year that went on for 7 months before finally being terminated. The agent was so sloppy and incompetent that his broker fired him the day after the transaction finally came to a conclusion. But it also cost me the listing (and others) from the Big-4 bank. And I still don't know if I will get anymore listings from them because of this.
Sometimes you can do everything right and it still goes South, just the nature of the business (and the current market) we are in! One thing I learned the hard way was to hold all offers until the package is complete and proper, never send an incomplete package to the asset manager regardless of what the Buyer's Agent promises!
As an REO listing agent, I try to take the time to explain to the buyer's agents the process, if I haven't done a deal with them before, and they are appreciative of the learning experience. I learn something new myself with each transaction and it continues on up the ladder.
I am excited to say that our next panel is going to be the Zoning folks from the two counties I work in, DHEC, code enforcement, and a lawyer r to talk about the zoning, set backs, code requirements and where to find the information needed and who to ask.
With these monthly classes set up we may not be able to reach all the agents (we have over 3000 in our association) but we can certainly help those of us that want to learn do so.
So, why are your deals falling apart? EDUCATE THE BUYERS AGENTS AND THE CLIENTS!!!
That's my two cents and good luck.
Beth Ross
Warm Regards!!!!
Rose- Sundance Realty S. Fl.