What a month!  Not many new REO Listings came across my desk this month.  However, all 8 of the Pending offers who were so eager at the begining of the month to buy these REO homes, You know the ones with the Broker who call 3 times a day just to see if any Seller Contracts has come in yet. As a Full Time REO Broker, I always try to educate all Brokers who have a buyer the meaning of as-is and what to expcet during the REO Transaction process, as well as the standards that the Seller expects of me.  I always promise the Brokers I will get them the sellers contracts asap.  I want more than anything to get this property under contract. Something must have been in the air this month because around the end of last week I practally had all but 3 transactions fall apart.  2 of the 3 were transactions I put togher and closed myself.  It makes me wonder, Hmmm was  I not clear enough to the Brokers what the meaning of As-Is before they made their offers?  Or are these buyers thinking they can just take up peoples time and try to ignore the As-is factor?  I hope next month will not be that way with the holidays creaping around the corner.  Did anyone else have an experience like mine or am I the only One?
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  • I had one transaction terminate this past month because of this very fact. An
    agent submitted an offer on one of my HUD listings (that I had to help with the
    bid process) that was accepted. The buyer hired an over zealous home inspector
    who wrote up over 200 issues, everything from nail pops in the drywall to
    recommending the roof be replaced because it was 15 years old! During the
    inspection, the inspector let the water run for an extended time with a broken
    pipe in the basement ceiling and forgot to run the sewage pump. Now I have mold
    in one room in the basement because of this water leak!


    The agent then sent me a Request for Repairs..... on a HUD home! Wanting the
    roof, one of the 2 HVAC systems replaced, the broken water pipe fixed and new
    carpet through out the house! I guess she did not like me telling her she had to
    submit the request directly to the asset management company as they do not allow
    us to do so. I reminded her that the MLS and the contracts all state "Sold
    As-Is, NO REPAIRS" and that the word STRICTLY was added to that by HUD.


    Four days later I get the contract termination notice from the asset
    management company with a claim of "Structural Damage". LOL, I guess some agents
    just do not understand the meaning of Sold As-Is!

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