Funny thing is what some REO agents get away with in their business dealings. I have submitted resaonable offers for first time buyers for bank owned property and I struggle to get a confirmation that they received the offer. I have to beg.Yet, on the flipside, I have an investor that insists on submitting extremely lowball offers (50% off list) and I get irate email from listing agents telling me not to bother. I even get agents that refuse to submit offers...has anyone heard of NAR standards?I also have another observation. I currently have a REO condo in escrow and it struck me in the begining that the agent had no idea what he was selling and took responsibility for nothing... was being an "order taker". That is as far as I am going.I recommend that banks who release REO property have "secret shoppers" that evaluate agents on their processes. I bet one of two things would happen...agents would clean up their act or the banks will be firing some agents and hiring new ones.I am a firm believer in the service of the customer. If I MARKET property and respond to inquiries properly, then I truly earn the comission given. Banks will have confidence in my ability. I am not just a paperwork pusher,but the mediator between two parties. I believe I have a certain level of trust bestowed on me that I need to fulfill.
Miguel, I see problem with your offer. It is not what you are offering; it is what seller is going to net. By offering over and asking $15,000 and asking for closing cost, now you have the asset manager worried about the appraisal issues and they will be less likely to take your offer. I recommend that you write the price your buyer will pay and do not ask for anything else, termite may be reasonable, AS IS is AS IS.
I ask who the selling bank is. If the agent does not want to disclose, I ask them if the seller is one of the two lenders that I have gotten nothing but grief from in every attempt. they will usually say yes or no. As for agents "pocketing' their listings, I have heard other agents very recently threatening to bring them to ethics boards for holding listings until they get their own team offers etc. Don't know if these agents ever pursued it, have to think it would be a broker decision. A recent happening in our area, a new company that no one has ever heard of landing lots and lots of listings from Fannie and Freddie..have not had time to look into it, but they call themselves a 'clearinghouse' brokerage...
You are so right. I find it very frustrating. I do everything I'm suppose to as if the asset were a regular sale. I constantly find agents who don't turn on electric, don't returned calls until days later, and don't submit offers until they have one of their own in order to sell the asset themselves. And then you get the agent who thinks that letting the buyer's agent know what bank holds the listing is "top secret". I had an agent yell at me for asking who the lender was and than preceeded to inform me that it doesn't concern me. I should just bring the buyer and then the attorneys will handle it. I don't about anyone esle, but I like to know who the seller is.
I agree with the "secret shopper" concept, banks should increase or stablish a quailty control for REO agents, but also lets be careful about this,some agents will do "what ever it takes" to get the business from other agents.
I think it should be mandatory for all CE classes for agents to learn to deal with REO and short sale transactions, I am surprise when some "established" agents call me every day and they don't know the difference between both and or what is involved. After all we all should be professionals and know our way around any type of transaction, etc. I think NAR is taking a step in the right direction with the SFR designation, but we all should know more about the laws that regulate both short sales and foreclosures.
We list a lot of REO's in the DC area and because of the lead traffic those listings bring in, we now have 5 buyers agents that go through the same things you do John. So, I know exactly what you mean. Non-communication or simply Bad-communication is our biggest enemy in this business...we strive everyday not to be that team that all agents talk bad about for not responding. As for the secret shoppers - Bring It On!
John, I have to agree with you, to a point. Having worked the "other" side now I can understand why some agents are that way, I don't agree with it, but I understand. And as a Realtor, we have a commitment to turn in ALL offers (verbal and written) for our listings. But when your bank client tells you up front what offers they will or will not look at, you also have to follow their instructions.
The "secret shopper" is happening and listings are being pulled by the asset managers, it is quickly becoming a growing trend. Something I look forward to myself. But the biggest problem there is who's going to be the Secret Shopper? Most banks and asset management companies are working short handed as it is, most are located out of state. Should another agent act on behalf of the bank? Hard to be impartial if you are hoping to get the listing! But change is happening to our marketplace, but with any large group, it can take time.
Miguel, a short answer to your question, it depends on the bank or asset manager. Talk to the listing agent before sending an offer in. If they tell you the bank will not do repairs, don't ask. I had one of bank clients reject the whole offer one time and wrote in large bold letter on the offer: "AS-IS means AS-IS, Do You Not Understand the Meaning of AS-IS?". On the other hand I had a different bank client that would go out of their way to get the deal closed, whatever it took.
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I think it should be mandatory for all CE classes for agents to learn to deal with REO and short sale transactions, I am surprise when some "established" agents call me every day and they don't know the difference between both and or what is involved. After all we all should be professionals and know our way around any type of transaction, etc. I think NAR is taking a step in the right direction with the SFR designation, but we all should know more about the laws that regulate both short sales and foreclosures.
That does seem a little too much for a property that's being sold " AS-IS."
The "secret shopper" is happening and listings are being pulled by the asset managers, it is quickly becoming a growing trend. Something I look forward to myself. But the biggest problem there is who's going to be the Secret Shopper? Most banks and asset management companies are working short handed as it is, most are located out of state. Should another agent act on behalf of the bank? Hard to be impartial if you are hoping to get the listing! But change is happening to our marketplace, but with any large group, it can take time.
Miguel, a short answer to your question, it depends on the bank or asset manager. Talk to the listing agent before sending an offer in. If they tell you the bank will not do repairs, don't ask. I had one of bank clients reject the whole offer one time and wrote in large bold letter on the offer: "AS-IS means AS-IS, Do You Not Understand the Meaning of AS-IS?". On the other hand I had a different bank client that would go out of their way to get the deal closed, whatever it took.