RealTown's RealTalk

I really had no idea how much work went into managing these properties. I have been on the buyers end many times and do get frustrated when it seams the agent on the other end is not interested in selling the property for the asset manager. I realize they are dealing with many properties at one time and have multiple closings per week. I is nice to hear that someone is working on making REOs more stable and efficient.


-----Original Message-----
From: Michael Ward <RealTalk@RealTown.com>
 

In Detroit, the buyer's agents and or buyers are cutting off our lockboxes, and re-keying and even padlocking us out of our own listings to prevent other agents from showing them at all. They take our yard signs and hide them behind the property or even throw them away. They also post my listings on Craig's List using their name as the listing agents.

As a long term REO Agent, we have become accustomed to replacing keys. lockboxes, and signs. Based on my own calculations, there are about 33% too many licensee's in MI for the amount of business. Once they go back to their day jobs, we are hoping that a lot of the stupidity will go away as well.

Mike Shannon, Team Leader, Real Estate One -
www.shannonteam.com

You know Gloria, this must be a problem on a nationwide level. I read through the comments from all over the country and most of the agents are saying the same things. It's a shame too. As a REALTOR, we are supposed to treat one another with fairness and honesty, but I am finding this is not happening. Especially in the cases of foreclosures and short sales. For one thing, there are no rules or regulations for handling these transactions and our clients can't help but think we are all idiots. Every transaction is different from the previous one.

However, as for the agents who handle these transactions by listing these properties...well...if they would only treat the selling agents with courtesy by calling back or following up or communicating, all of this would be a lot easier to deal with. I was so frustrated with one agent for not calling me or emailing me back I, on several occasions, contacted his broker. Unfortunately, he never contacted me either. He must've, however, contacted the agent because I would usually get a one line repsonse back on my email. Heck, the agents in this office even sympathized with me because they knew of the "lack of service" coming from this agent. All I can say is I will be glad when a foreclosure is more the exception, than the rule!

In the meantime, hang in there and keep on, keeping on...

I am reluctantly responding to the various replies/responses concerning the big bad lsting agents of REO properties. I list lots of REO properties....most of my issues are with the selling agents. First the MLS remarks clearly state the the property is a Foreclosure/All inspections to be done prior to offer/proof of funds or Approval letter,EM check in certified funds must be attached to offer. To my dismay, many selling agents bring in purchase contracts with nothing else...then I am chasing them down for proof of funds...I guess they don't understand that either. I get deposit slips with amounts written on them/copies of check registers....for proof of funds...or my all time favorite...the bank said it would be OK..letter of PRE approval(which does not count with most asset companies)then a copy of a personal check...not certified funds. Because most offers are now submitted on-line with the first items being Contract/Proof of Funds/EM...I am not able to submit offer....So then I am chasing down selling agents who apparently can't read...who also have not informed their clients of what AS IS means and what "seller does not pay for inspections" means. Then these same agents are miffed when their buyers offer is rejected or another offer comes in that is correct and its my fault. Once in a while, I, too have trouble with incorrect lockbox codes etc. Sometime agents screw up .... perhaps on purpose who knows. so just keep these things in mind when you write on a REO property..I guess when you write on any property ..vy/lmk

I'm an agent that handles REOs for one bank and I treat them like any other listing. I always return my calls and emails in a timely manner. That's just courtesy. I do have agents thanking me a lot for what should be the norm. It's in my best interest to move these homes. As for the agents who handle a zillion REOs, the ones that don't return calls, don't return calls on their conventional listings either.

On the other hand, I have to agree with Linda. There are many agents who don't seem to know what they are doing. They will call me up and ask how they should get in when the listing clearly says to "Go direct. Ekey installed". Maybe that's hard to understand. Then there are those who will submit offers without the preapprovals (so I personally request them) and in the maentime they wonder why their offer has yet to be submitted. And the question many ask is, " Is the bank willing to do any repairs?" I clearly state AS-IS. They then proceed to lecture me about the bank and don't they understand.......

I too handle REO properties and have for 10 years. The number of bad or lazy Realtors is in both the REO and non-REO market. While the was good the past several years lazy realtors were doing the same thing as home owners putting a sign in the yard and not learning technology or different aspects of real estate in general.

I have worked with "top sellers/listers" who likewise never returned any of my calls, didn't know how to use email or refused to use email, didn't know how to scan or open an attachment and yet expected the other broker in the deal to do their job while they were smmoozing up the next client.

The tough market we are in now will weed out some of the bad and/or lazy Realtors whether they are REO or non-REO.

As Realtor my obligation and duty is to the client I represent, not the other Realtor in the transaction who happens to be friends with the seller or buyer and just assumes the other Realtor will get the deal done. Lets all do what we made the commitment to do when we became brokers whether REO or non-REO and if you are consistently being treated badly step back and look at how you are handling your side of the business. What goes around comes around.