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Replies (7)
- Lee Merryweather, "Lee Merryweather"
- Contributions:2
You and your agent certainly deserved a more timely reply and it is the listing agent's responsibility through the code of ethics to present all offers to the seller. If you feel you were mistreated during this process, I would recommend that you have your agent's principal broker contact the REO agents principal broker and demand an explanation; if you still receive no response, you can always file a complaint with the local board of realtors and even your state's real estate division. I am truly sorry you had such a bad experience in attempting to purchase an REO property; these types of purchases can be frustrating even under good circumstances and require much more patience as oppossed to dealing with traditional sellers; however, ask your agent to track REO's daily that meet your criteria and be ready to move quickly when the next property is found- I'm sure you will be able to find another great opportunity. Good luck!
- B Mike West
- Contributions:240
Obviously, something is not right with this transaction. It could be a simple as a communication problem between the listing agent and the "REO company." Ask your agent to bring this issue up with the listing agent's broker or with the local Realtor's Association so that some investigation can be made. There may be a legitimate reason for what happened and the listing agent should be given a chance to explain their actions.
Most agents are straight forward and honest and we want to get the bad apples out of the barrel as quickly as possible. We have processes in place to clean out the bad apples.
Most agents are straight forward and honest and we want to get the bad apples out of the barrel as quickly as possible. We have processes in place to clean out the bad apples.
- Brian Teyssier, "Brian Teyssier GRI"
- Contributions:964
Thanks for your question. Dealing with foreclosures is always tough but that is part of getting that great deal! Until you have a fully executed agreement (an agreement with signatures on the seller and buyer sides) the seller regardless whether they are a bank or not can accept another offer. Regarding the check floating around, when dealing with a foreclosure, you are dealing with a paid by the hour employee that really does not care about the listing nor you. It is different than a private owner that has emotions attached.
Good luck, hope this helps.
Good luck, hope this helps.
- cjm9704
- Contributions:3
My realtor and i are waiting until tomorrow to take any action for right now. After finally hearing back from this REO agent he said he would know for sure if our offer will be considered, after being held????? Whatever that means. The cash buyer has until today to reply to the banks counter.
I had to get some other views about this situation! I really thought there was something wrong but have no solid proof that he did anything wrong, to be able to go to his broker about. The lips tight about other offers and dates and amounts, has us without verificaiton of fault.
- Mar Nygard, "Mar Nygard"
- Contributions:54
The same thing happened to one of my clients, unfortunately the banks are favoring cash offer's, they are cleaner and faster. They held my buyer's offer and countered an investor's cash offer to get it up in price. My buyer's did not get the property, the investor's cash counter was accepted. It is a common practice right now. I personally think it stinks, but not much we can do about it. Also, I never send a good faith check until you have an accepted offer,I prefer to send a copy of your good faith check, this way your ck is not floating around and possibly lost.
- Tyler Ryan, "BMW330zhp"
- Contributions:6
Many of the "REO" agents are terrible! I can't wait for this market to be over, they will be the first people out of business as they do not know how to provide customer service or follow up – or they don't think they have to because the banks are spoon feeding them deals and all they do is list them and forget them! Time and again when submitting offers to agents specializing in REO's its like getting teeth pulled to get any type of follow up!
- Luther Wormack, "LutherWormack"
- Contributions:60
CJM,
Brian Teyssier makes a very good point. Also, as an Agent, I prepare my clients as to what they can expect and what can happen during the process of buying foreclosures. Personally I tell non cash buyers the truth, your bid could be higher yet not get accepted for fear the deal will just fall through due to financing. Also, a copy of the hand money check is usually enough until the deal is excepted with most REO's so consider that next time as well. Also, don't think the REO agents communicates with the bank daily, when your offer is submitted they too are waiting by the phone to get the word as well. With all the foreclosures on the market now, some banks have dedicated employees handling that aspect so it will make the process easier for most yet some don't.
I know we try to look for a bad guy or someone to point the finger at but really sometimes things just don't work out in our favor. Especially real good deals.
Brian Teyssier makes a very good point. Also, as an Agent, I prepare my clients as to what they can expect and what can happen during the process of buying foreclosures. Personally I tell non cash buyers the truth, your bid could be higher yet not get accepted for fear the deal will just fall through due to financing. Also, a copy of the hand money check is usually enough until the deal is excepted with most REO's so consider that next time as well. Also, don't think the REO agents communicates with the bank daily, when your offer is submitted they too are waiting by the phone to get the word as well. With all the foreclosures on the market now, some banks have dedicated employees handling that aspect so it will make the process easier for most yet some don't.
I know we try to look for a bad guy or someone to point the finger at but really sometimes things just don't work out in our favor. Especially real good deals.
What are a REO agents responsibilities to the buyers and the bank?
After the offer was submitted my agent tried contacting the REO agent for the bank via email, text and mail, to confirm that the offer was received. My realtor called and texted every day for a week and the agent never responded. Finally after I was called by another party at the REO company about my check, the listing agent contacted my realtor and claimed there was a cash offer by another buyer that the bank has already countered, but that my offer was being held.
This all sounds very shady to me! This REO agent is known for letting things fall through the cracks and NEVER returning peoples calls. Wasnt this agent supposed to come back and ask for a best and highest offer from us? Why is it that REO company was never even aware of my offer until my check was found floating around the office? Is this REO agent trying to cover his tracks becasue he messed up? Is it normal practice for the bank to hold multiple offers when they are negotiating with an individual cash buyer?
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