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Generally speaking, banks are not prepared to deal with the often whacked out, general public, as is relates to REO property. Most banks hire an asset manager. Most asset managers are also not prepared to deal with the often whacked out, general public.
The former owners often have to be paid to vacate the property and leave it in decent condition. The title may be dirty and needs to be cleansed to sell. At this time of year, properties often need to be winterized.
Generally speaking the best way to sell a property for as much as the market will bear, is exposing it to the widest audiance possible, the MLS. It is in the seller's best interest to have buyers compete for the property.
The asset manager will assign the property to a broker who will assign it to an agent who will pay their broker and the asset manager a referral fee.
Sometimes the marketing strategy is to position the property well beneath market value to create excitement and multiple bidding. Other times, you can set your watch to the periodic reductions that will occur.
Some agents who list REO properties will deal with the general public. Others will not and expect you to have your own agent. Increasingly, REO listing agents will not respond to phone calls from anyone and rely on email for all communication.
I know an agent who deals exclusively with REO listings. All of her listings sell under multiple bid scenarios and for more than the asking price. She averages a net of about $700 per sale. Some sales net as little as $150. She will not talk to anyone and acknowledges, by email, offers presented by a buyer's agent. At any point in time, she has about $17,000 in outstanding bills pending with multiple asset managers who charge her a % fee to process reimbursement of her out of pocket expenses. It's a tough business and there is not enough money in it to make nice with the general public.
Last edited by middle-aged mom; 11-16-2009 at 12:03 AM..
Generally speaking, banks are not prepared to deal with the often whacked out, general public, as is relates to REO property. Most banks hire an asset manager. Most asset managers are also not prepared to deal with the often whacked out, general public.
The former owners often have to be paid to vacate the property and leave it in decent condition. The title may be dirty and needs to be cleansed to sell. At this time of year, properties often need to be winterized.
Generally speaking the best way to sell a property for as much as the market will bear, is exposing it to the widest audiance possible, the MLS. It is in the seller's best interest to have buyers compete for the property.
The asset manager will assign the property to a broker who will assign it to an agent who will pay their broker and the asset manager a referral fee.
Sometimes the marketing strategy is to position the property well beneath market value to create excitement and multiple bidding. Other times, you can set your watch to the periodic reductions that will occur.
Some agents who list REO properties will deal with the general public. Others will not and expect you to have your own agent. Increasingly, REO listing agents will not respond to phone calls from anyone and rely on email for all communication.
I know an agent who deals exclusively with REO listings. All of her listings sell under multiple bid scenarios and for more than the asking price. She averages a net of about $700 per sale. Some sales net as little as $150. She will not talk to anyone and acknowledges, by email, offers presented by a buyer's agent. At any point in time, she has about $17,000 in outstanding bills pending with multiple asset managers who charge her a % fee to process reimbursement of her out of pocket expenses. It's a tough business and there is not enough money in it to make nice with the general public.
Well put and precisely what I have found as a frustrated prospective buyer.
Banks are not individuals, they're businesses with processes that have to be followed. Their processes don't always allow for flexibility that individuals expect. You can rush through and buy a house that's encumbered with liens or improperly seized and not legally owned by the bank. OR you can let them do their jobs and buy a house that they actually own and has an equitable title. Take your pick.
Quote:
Originally Posted by ttyl1979
Good Luck with the Bank of New York! I know that they use SPservicing Select for their foreclosures. I had a home listed, it went into foreclosure....it took 6 months before they put it on the market. I called two weeks after they bought it and they already had a realtor assigned to it....mind you I called and tried to put an offer in on it...I would have included the listing Realtor and all....but it took six months to get it on the market....and they told me it has been assigned and I would just need to wait until it was on the market...
I'm sorry...did you just tell me that you don't want my acceptable offer? YEP! That's what they told me. I tracked down the REO Realtor and he told me that he didn't know when it would be for sale. I told him that we could get this done now, or he could call me and let me know asap when he put it on the MLS. He told me that he didn't have time to do call backs and that I just needed to watch the MLS. How crazy...it was 5 1/2 months later that he put it on the market. The buyers bought a house at auction 4 months before.
They are just plain ignorant when it comes to getting houses off their books! I don't know if it was the REO Realtor b/c he always has like 50 listings or the Bank of New York with horrible paperwork.
this is exactly what is going on in America... all over, realtors who handle repos are teaming up with investors, they don't put in offers, they don't even show it, they wait months and months then they buy it with their partners after the price is rock bottom... they hold onto it...after the amt of time goes by, they sell it for a big profit...all along, no one else gets to see it while the bank owns it, if they do...they won't get the property...most likely, if you get that far, your offer won't even be turned in to the bank... they don't even care, the banks are so swamped with repos, they make their money regardless of what it sells for because they are insured and they don't lose money. the realtors and their partners are underhandedly making it hand over fist, and one day, not in this life, they will answer for it. Now, I am not saying all realtors are doing this....no I know that... it is widely done by realtors who handle repo properties...that banks have to know it, but they don't care.
this is exactly what is going on in America... all over, realtors who handle repos are teaming up with investors, they don't put in offers, they don't even show it, they wait months and months then they buy it with their partners after the price is rock bottom... they hold onto it...after the amt of time goes by, they sell it for a big profit...all along, no one else gets to see it while the bank owns it, if they do...they won't get the property...most likely, if you get that far, your offer won't even be turned in to the bank... they don't even care, the banks are so swamped with repos, they make their money regardless of what it sells for because they are insured and they don't lose money. the realtors and their partners are underhandedly making it hand over fist, and one day, not in this life, they will answer for it. Now, I am not saying all realtors are doing this....no I know that... it is widely done by realtors who handle repo properties...that banks have to know it, but they don't care.
all over, realtors who handle repos are teaming up with investors, they don't put in offers, they don't even show it, they wait months and months then they buy it with their partners after the price is rock bottom...... it is widely done by realtors who handle repo properties...that banks have to know it, but they don't care.
You actually believe any of that crap that you just wrote? I'll have some of what you're drinking please.
my agent told me the same thing. He said investors actually come to him and tell him to make sure they have first dibs on cheap/reo properties.
Of course.
Agents are approached all the time by people requesting them to do unethical, stupid, illegal, or all of the above. It goes with the territory.
It is up to the agent to set the standard.
I have placed an offer for cash buy at listing price of 260k for 9001 Kara Circle in Riverside August 24. Somehow it was rejected. But the listing agent still advertise the house for sales. Can anyone advice me what is going on? MLS # K11084956. dennisoon@yahoo.com. Please advice. Thanks.
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