I'm a normal real estate agent.  I do an REO here and there but I'm not dependant on my REO Business.  For those who do not know, REO is REAL ESTATE OWNED or in other words, foreclosure agents. 

These agents have been hired by the bank to dispose of the assets that they have had to repossess.

Why do I say that REO agents are not normal agents?  Because in my experience, it seems they are deathly allergic to the phone.  Now, not all REO agents are like this but so many are that it's hard not to generalize.

So how does this affect you, the consumer?  Many different ways. 

1. Houses that have been foreclosed on sit longer when calls from agents are not returned.  This hurts property values and often times hurts how neighborhoods appear.

2.  As a potential buyer of one of these homes, it can be frustrating when you can't even get an answer from them as to whether the property, still listed in the MLS as active, is even still available. 

3. Since many of these agents do not answer the phone or return phone calls, foreclosed homes that are vandalized may continue to deteriorate and be damaged further because it does NO GOOD to call them and let them know that their homes that they have listed are unsecure.

4. When the banks have a hard time moving these properties, they have less money liquid to make more loans and the economic cycle we have come all to familiar with continues to crush the economy.

So how can this problem be rectified? 

1. The banks can stop overloading 1 or 2 agents in an area with all of their foreclosed properties.  It's a specialized service to work on foreclosures so I understand that not all agents in an area are up to the task but certainly more than one or two are.

2. Agents who work these REO properties should answer their phones and return calls, just like normal agents are supposed to do (ok, so not all agents operate like me and answer their phones!)

3.  Bank REO officers should make periodic calls to these REO listing agents from various extensions to make sure that the agents who are their listing agents are ANSWERING their phones.

I guess this could readily apply to any agent that doesn't answer their phone but there is a distinct difference between an REO agent that doesn't answer their phone and a normal agent who doesn't answer their phone:  If I don't answer my phone, I will not get another listing or another buyer.  The REO agent will continue to be gifted listings from their bank contact and the cycle goes on with that REO agent remaining in business.

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