It is all about the market, we will have fewer of frustrated buyers and buyer’s agents if there were 10 properties for each buyer not one property for 10 buyer’s. In that situation, REO agents will bend backwards to get all the paperwork on one or two offers they get, asset managers will accept buyer’s demands even on AS IS property. When fewer buyers out there one can get away with closing cost and other items but not in current market in 4th Quarter of 2009, when slightly lower priced or at the market priced properties are getting 10-20 offers.Price is but it is not the only determining factor. I have asset managers declined the higher priced offers for a better-financed offer. Also had the agents get upset why their offer was not accepted. Some even get more upset when they saw the property closed at lower than their offer price. They do not know the details what happened during the transaction, why it closed at the lower price, may be appraisal, may be some other issues with the property, may be first offer fell out then next available best one, who can close quickly was picked, instead of putting property back on the market.I am not saying that there are not agents out there who play the system. To buy property for my own self I had to write 5 different offers, offered the full price and over and got beaten up by other offers many times before I could get one accepted. It all matters, financing, FICO score, what buyer have in the bank and under whose name. If the proof of buyer's funds is not under buyer's name, then forget about it. I have seen those transactions fall out because of the donor issues. Being an REO agent, I screen all the offers and drawbacks of the offer, are written into my notes to the asset manager. I even call the lender to make sure it is legitimate pre approval. I had noticed fake pre-approval letters, written under the name of big banks.I had agents who will not listen what is being said, I had agents call and ask bunch of questions and will politely ask, if they read the private remarks in the MLS. Sadly, one answer that I still remember was “what private remarks, oh! you mean at the bottom, let me read those”.I have set up an offer submission system through www.eBrokerHouse.com so everyone gets a confirmation of the submission. Not only that, if their offer is deficient I could communicate with the agent as their contact information is right there and I don’t have to look on page 8 try to read fax of a fax or search my email to locate it. I have agents call me and ask that they do not know how to upload the file, that they do not have a scanner. In REO world, the whole transaction is done by scanning and uploading the documents. Who would want to deal with that agent for next 45 days? Does that go in the remarks, yes it does.Not all agents are alike, there are some very savvy buyer’s agents and I wish everyone to be that way. However, there is so much bash about REO agents, that one have to be on the other side to see what REO Agents go through, especially the ones who deal with their transactions first hand. At the end, in grand scheme of things, it is about: would it close and would it close on time?http://www.namneet.comREO Specialist Orange County CA
Julie, I love www.ebrokerhouse.com. I been through many of those, I like the simplicity of it. If I had 10-20-30 offers uploaded by the agents with one click I can send counter offer or any bank addendums to all of them. Once I get an answer from the bank, I send an email to the agents not giving too much detail. It addresses them with their first name, just like mail merger, I appreciate agent's hard work and explain the market a bit. I got so many compliments from the agents. Now, it is very hard to provide this kind of service if I have 30 offers via 2 different emails, 2 different fax number one office and one personal. It is about streamlining the service and taking the advantage of today's technology.
great points. I am an REO agent and get so frustrated with many of the issues you mentioned and am so tired of getting yelled at, complained about and criticized by some agents ...for just doing my job. I dont have the control over the properties as some agents think....other than to make sure I detail important info to the asset manager when an offer is submitted. Yes, I will have to check ebrokerhouse.com because I am one who goes through my emails and try to decipher email addresses and faxes on the contracts.......sometimes the agents dont even put in a fax or email and then wonder why they dont hear back. I know the REO business is hard and we as the REO agents are perceived as being uncaring and cold.....but I can assure you that I do care but need the buyers agent to work with me and not against me. One more thing...AS IS means just that...dont write an offer and then ask for credits, repairs, etc the very next week.
Richard, I tell those agents to monog fax the offer, then save, and upload. Now if they don't even know that what can you do. It is nice to walk the offer down to the office and hand it to the listing agent and make that personal contact. Although I did not go through the 90's but what I hear from fellow agents, with the innovation of technology, it is a different ball game now as compared that time. I like this better, can you imagine faxing in the 50 pictures of the property along the BPO, then fax a copy of a fax of a fax. Today's asset management companies have a much better picture of their inventory, with the availability of online data maps and amount of property pictures they get. I am glad to be in this era.
From the beginning of REO history it has always been about the buyers financing and if they can close. That was the invention of per diem in the real estate transaction if any of you remember them in the 90’s. Banks want them off their book at a fair price and that is way you also see they do not want FHA loans. The problem with making offers today is the use of scanners and fax machines. It is hard to paint a picture to the listing agent of why they should consider you offer over others… the trick is to…
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