I was reading a blog this morning by an REO listing agent who was baffled (and very upset) by the number of calls she gets for status on her REO listings, despite her warnings not to do so in the MLS. She promises that her listings are kept current daily and goes on to say that a property is always "active" until the seller executes final documents. That is absolutely true and also the problem.

This process from the seller selecting an offer to final seller acceptance can take 3 - 7 days. In the meantime, all other offers are effectively ignored, rejected or "held in back up".

As an REO listing agent, we update our listings daily, but and this is the key - we provide the information that buyer's agents are calling about so they don't have to call. Here's an example:

10/01/09 - Multiple offer situation. Highest and best were due yesterday. Bank has countered one offer and rejected all others. Paperwork is with buyer. Property will remain "active" until both buyer and seller execute. We welcome your offers and if this working offer is not executed, we will contact all agents who submitted an offer to confirm your buyer's commitment to their originally submitted offer.

And while we still get calls, we don't get nearly as many because we give them the information they are calling about, and as such - we are able to return our calls and maintain our relationships with our valued realtor partners.

Another tip - we used to get calls asking us "How many offers do you have ... where do we need to be?" Now, we answer in the MLS.

10/01/09 - Property is active - please show and submit offers. We welcome your calls, but we will not disclose the number of offers or offer amounts we have received. Please do not submit any offers without first showing the interior of the property to your client.

We must realize that we are all in this together and help make each other's jobs easier so we can serve our buyer and seller clients more effectively.

Nancy Moeller, CPA, Real Estate Broker

Seven Gables Real Estate

License #01727426

Direct: 714 276-7006

Fax: 714 917-2293