RealTown's RealTalk

Because there is no "live" client in the property, listing agents are getting lax and even downright unethical in their behavior. When the cats away the mouse does play. There is no accountability since no one is watching and the lazy agents can get away with not calling back buyer's agents and not following up when an offer is submitted to them. I think a lot of times the offers may fall into a black hole or sit on the listing agents desk until they get a better offer.


While you may have had bad experiences with some agents it is totally inappropriate to suggest that all agents in this situation are like this. And since you offered no qualifiers that is exactly what you did. Talking of Code of Ethics one might review disparaging fellow agents.

Stereotypes have no place here. As an REO listing agent I greatly resent sweeping comments that do not represent the majority of my fellow REO agents. As pointed out in other posts, this is a different and yes, more difficult task. And often (note the qualifier) the buying side agent is equally at blame for delays or problems. Believe me, offer instructions are ignored about 50% of the time in my experience. Oh, and those agents are the first to bitch.

Oh, most asset management companies do have standards of accountability. The Cat is not away. They have field reps that are checking on a regular basis. One might get away with sloppy procedures for a while, but sooner or later a lazy REO has no more listings.

Now, my point is not to pick on any one set of comments. But let's move away from broad brush painting and stereotypes. Fair enough?

Thank you for more inside info; numerous REO agents only communicate via e-mail or text, and most of them do respond quickly.

The REO agents who wouldn't respond to e-mails, text nor phone calls, and repeatedly have inaccurate information in MLS need to be reported to their MLS board. Simle as that - if all selling agents would do that simple click, the incompetent REO listing agents would get the message, but in all reality too few complaints are filled.

It's frustrating to show properties to clients when the lock box combo is incorrect, or the key is missing... We just have to prepare our clients for the worst case scenarios and as long as the buyers understand the process, they are OK. There's really no time to preview as the properties are selling fast with multiple offers being submitted right away. I just had that happened to me again. The property was just listed, I e-mailed my clients the same day, we met at the property that afternoon, and sure enough the lock box was empty. The listing agent's assistant informed me that they don't have the key yet, but it should be there withing the next 2 days. My clients and I walked around the property, peeked through the windows, and my clients liked it enought to submit an offer above asking price even without seing it. I prepared the contract that evening, my clients docusigned it, and I submitted their offer right way. I thought we had a chance. I was wrong - that property went to Pending the next morning. No fair dealing there! But I didn't give up, I kept on searching for new listings for my clients and found them another home, even nicer, and we are in escrow now. Selling Agents should stay possitive with their clients even when they feel like they are about to explode. I try to explain my clients that often it's really hard to manage hundreds of REO listings, and the listing agent just doesn't have enough hours in the day.... And for those REO agents who think they are too good to communitcate with selling agents repeatedly, don't get my business, as I don't like to waist my client's time or mine.

I'm the listing agent as well, not REOs yet, still waiting :), but so many times I get incomplete contracts, and contracts that are done so poorly. I usually follow up and give the selling agent a chance to make a correction or revision, but the REO agent most likely will not make that extra step.

SOrry to disagree with you but in our area the REOs have inspector that check the property and we have a ton of paperwork to supply the info they request.

Most agents are very ethical - we all know the ones that aren;t and life goes on. All we can do is the best possible to abide by our Code of Ethics and be able to look ourselves in the mirror.

I guarantee- if we don;t take care of the REO properties, we won't get them. THere are plenty of agents out there to let the companies know if something is not what it should be in their neighborhood.

Good luck in your area-

Carolyn R Kelly

EPro CRS

Coldwell Banker Larry Helman

Terre Haute, IN

carolyn@carolynrkelly.com

Martha said: Response/add on to Ed Hain's comment: I'm not going to argue against the point that some REO agents could be doing a better job, but a couple points need to be made…….. That said, I get pretty damned tired to fielding calls from selling agents who can't, don't or just plain won't bother themselves to read the MLS for showing instructions, location of lockboxes, etc.

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Martha, I could have not said it better. I handle a good number of REO's and its stated in the mls, how to submit an offer. Must have pre qual letter, must have earnest money. Sold as is. Don't ask for a dripping toilet to be repaired. It won't be. And I still get offers without the correct information. Then the agents are upset when another offer is accepted. Most of my properties sell for list price or over list, the first week if it is a good property and priced right. But the agents still submit offers 30% to 50% less. A good foreclosure is already discounted 20 to 30%. Agents need to inform their buyers as to the value and not blame those of us who handle reo's and foreclosures for their lack of due diligence.

Yes, I sell a good number of them myself. But my investors and buyers are well informed and realize the value.

Jim Clauser
Your Real Estate Consultant For Life
RE/MAX Associates Athens, Inc.
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