RealTown's RealTalk

Eileen wrote:
I will call the listing agent before I write to find out:
1) Is there a contract being negotiated?
2) Is the commission and/or bonus amount correct?
3) Are all the disclosure forms uploaded?
4) Anything else I should know before I write?
5) When and where should I contact you/fax you/email you once I have a signed offer.
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Well, Eileen, first of all, I already stated that I do #5.... I always make sure where they want the offer sent....
but I disagree on your other items.
Keeping in mind that we are talking about REOs here (relatively desirable, not the ones that gut-jobs)... which can end up in a feeding frenzy, and being the first offer submitted can be a huge advantage.
1) I don't care if another contract is being negotiated, when they see mine, the bank might prefer mine. I am working at top speed, always, on REOs.
2) Commission & bonus are shown in MLS, I do not need to verify until afterward... I am writing the offer regardless.
3) I've never been one to skimp on disclosures & notices... I even put in blanks as reminders... and I will use ALL customary addenda/disclosures/notices plus any others they have uploaded. Often the Sellers Addendum is not given to Buyer until after making an offer... regardless, my buyers will be well aware of all the addenda req'd.
4) Anything else.... nope, I save this question for last.
5) When calling the listing agent to find out whether & where they want the offer faxed, emailed or hand-delivered, that is when I ask if there is "anything else I should know?". Have other offers? no problem, mine is going in, too. Price reduced? no problem, as this is unlikely during first few days of listing, and depending upon the property, many sell for OVER list price. We will already have numbers crunched, and they aren't dependent on the list price. Bonus? that's rather rare on REOs here, but won't slow me down either way. Listing Agent overlooked one disclosure that must be included? No problem, email it to me and I'll have it back to you in 15minutes.

All that being said.... and commenting back to what Neal said, about telling (dictating? demanding? ordering?) other agents to call him before writing an offer.... and presumably an agent like Neal has several REO listings, and let's presume that half of them are going to get multiple offers... that's a LOT of phone calls. (You're always going to get a few calls from the timid or newbie agents, and sometimes they just want to talk & talk & talk.) Seems like, if everything is properly uploaded, and requirements are stated in Agent remarks (or on an Agent Instruction Sheet), it should be simple.

I do handle REOs differently from regular resales.... for resales, I will call, mid-preparation, to ferret out as much info as possible regarding Sellers' situation, recent repairs, ease of possession, etc.... BUT I will NOT tip my hand that I am preparing an offer. On REOs, my main concern is beating out the other offers... many are listed at half their value from 2-5yrs ago... and we have so many investors.

Lindy in Houston

Greetings. As I licensed attorney and real estate broker, I have notice that there seems to be a gap in understanding between the asset manager and REO brokers. In my experience, not only are REO agents forced to take on additional tasks to keep the account, but it also seems that they are ignored on matter of custom and trade on the area. Naturally, this can cause friction and unnecessary stress.

Lindy,

I didn't say what the request was... it wasn't to just email or fax... it was some bizarre clarification of seller paid closing costs.. totally didn't make sense as I had made it quite clear in the offer, same wording as I have used over 100 times in the past. Then the next bizarre request... MLS listing says heat exchanger will be replaced during inspection period, but I have to get the bid and submit WITHIN 72 hours or we have to submit a new offer.. this is Thursday afternoon, no time to get someone out there within 72 hours unless they don't count weekends?? Do they or don't they?? Don't know, they don't return calls or emails so I may or may not be faced with resubmitting the offer tomorrow IF I can get the HVAC guy to fax me the bid.

It is apparent to me that the standard of practice and simple common courtesy does not apply to SOME REO agents. I had a simply wonderful transaction with 1 (ONE) agent who I see time and again on the MLS who has a huge FNMA account. I would choose to do business with him hands down over some of these yoyo's who protect themselves from being found and heard from. If one can be civil and professional you can't tell me more can't be.

MaryLou.. you seem to be exactly what this post was originally about. Maybe in CT you guys are different. .. Here in AZ and where I am from in Central Illinois our custom is to respond when someone reaches out and needs help. Isn't that what our code of Ethics says?? 92% of our buyers here in AZ are FHA, owner occupied, most first time buyers which should tell you what we as buyer agents are going through!! Without us busting our humps every day showing homes who is going to sell them? Obviously you aren't going to sell them from sign calls.. nobody answers the phone. Buyer agents should be treated like gold.. nobody else is bringing you any offers and even if the REO agents get paid less if we don't sell them you don't get paid either.

Gloria- RE/MAX Achievers - Chandler AZ

Okey-dokey... double response here...
first to Gloria, then to Catherine.... with an aside to Neal & Eileen
(all top-notch, excellent, intelligent Realtors, that I deeply respect ...)

Gloria, ahh, the email/fax request thing was a clarification of the heater issue and closing costs issue.... that reinforces, even moreso, the need for all dialog to be in writing. If the other agent was not crystal clear, then of course, you need to ask for clarification. 72hrs is 3 days.... I know plenty of HVAC guys that would be thrilled to give you a bid, and most all of them work weekends.
As I had said, most REO agents have an assistant.... sometimes you may find that you get along better with the assistant...
Yes, some REO agents are bad, all the way from a smart-aleck attitude, to lousy photos, to incomplete MLS listings, to not returning calls... no doubt about it... and it sounds like perhaps you have ended up with one of those (we have several of those here in Houston), but most are "normal" good agents, that do NOT behave high&mighty, and are as helpful as they can be.
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Catherine wrote: (snip)
Mary Lou Wall, are you serious...? you seriously would not answer directly any of the questions asked of you? I dont' understand that way of thinking, doing business or spirit of cooperation at all. Why would you not disclose if another offer was already in the negotiation phase? Why waste anyone's time here? I'm astounded at your responses. I'm leaving your response in full below as someone may have missed it. Why couldn't you just say.
1. Yes or no, we have an offer in to the lender awaiting approval or no we have no offers as yet.