When a sump pump is running and pumping water from its basin to the outside, strange noises can be heard. When the pump transitions from running to shutting off, there is a loud slurping/gurgling sound as it searches for water before shutting off. After speaking with an REO agent who is listing a home in my area last week, all I could think was, have asset managers really reach the bottom of the barrel?
There is an active property, attractively priced for its location and size, that shows up contingent with a kickout. A client of mine inquires about the property and the nature of the kickout. The MLS states there is a home inspection contingency which while possible, would be unique for any seller to kickout an offer due to a home inspection in a slower market.
Upon calling the agent, she states that she is “new” and asks me how she should have updated the status from active? Dumbfounded I ask her if her client, a credit union has the option of kicking out the contract based on the home inspection, answer- no. Not wanting to embarrass, I explain to the agent that since she does business in a neighboring state, maybe that’s how they do it there. She states that she simply didn’t know and after checking, she has been licensed for 5 months.
There are volumes written and ranted about regarding agents that are trying to break into the REO business. There are viable companies out there selling education, more designations, platforms to become members of, and on and on and on. I find it insane that quality agents are seemingly overlooked for ones that couldn’t find their way out of a cornmaze!
We have experience in working with most REO agents in our area by being a major supplier for BPO’s in the Maryland market. As we see on a daily basis, REO agents are limited in time, so follow up, and returning calls can sometimes be lacking, However, these are agents that typically know their business very well. Once their business is cultivated, they are sent great distances to preserve, market and sell distressed properties. Often times too far. As agents, we have a fiduciary responsibility to serve out clients. Is there a fiduciary responsibility in selecting a qualified real estate agent that serves the market the subject property is located in? I would hope so!
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