Real Estate Blog - How to buy a bank-owned home. The truth hurts!

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How to buy a bank-owned home. The truth hurts!

Going through angst because of challenges regarding REO properties?

If you haven't seen this yet, you should watch it. The truth hurts, doesn't it?

Someone was clever enough to put the travails of a home buyer and a buyer's agent when it comes to making an offer on bank-owned properties.

I am going to send this to my buyers --- those with a sense of humor, of course --- and hope they can see the truth behind the hilarity.

Posted by Pacita Dimacali - e-PRO, SRES, CDPE, MBA East Bay, North CA real estate on 10/10/2009 12:25 AM

Comments (11)

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how to buy a bankowned home, reo agents, buying a foreclosed home

Originally posted at: Pacita's Quick Bytes of Real Estate: How to buy a bank-owned home. The truth hurts!

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11 Comments on How to buy a bank-owned home. The truth hurts!

OCT

Pretty much what it is like in San Diego these days!

I love this video. It is too true.

I saw this video earlier.

I'm still rolling on the floor.

It's hilarious.

Jennifer --- I've run into just about everything described on this video, especially the last one about "wet" signatures. Tim --- the person who developed this video truly knows our pain! Ralph --- me, too. I nearly busted a gut. Go ahead and share with your clients. They'll see the irony as well. Or at least appreciate what we go through as buyers agents.

Hi Pacita - It does sometimes seem like this when trying to follow all the different offer instructions for each REO. What I don't get is how I can pull listings to show clieints the same day they are posted, rush to the office to fill out the offer and all addenda, etc, fax it in and hear that they've already accepted an offer - all in less than 8 hours after the listing goes active. And sometimes our offer was higher than the accepted one! Sometimes they get so many offers that they just seem to grab one and submit it and don't even read the rest.

Susan --- I've also run into listings where the agents say the banks want to "expose" the listing for 7-10 days before they look at offers. And by the time you submit an offer, there's a ton of them. One of my friends admitted to me that they write offers sight unseen on properties with potential. If they get accepted, fine. That's the time they'll look at the property. It seems that's the only way to get aound it! If the banks won't allow wet signatures, then the buyers sign the forms and just fill in the blanks for each offer. Where there's a will, there's a way!

Now that is funny too true but definetly funny.

Thanks for sharing this video with us tonight. Too funmy but true

Mark --- when presented in a humorous way, then we can afford to laugh through our tears, eh?

Harry --- everyone says it's happened/happening. Glad someone put this video together. We can at least laugh about it. Maybe some REO agents will see this and change their methods so that they're not so inaccessible and BUSY, BUSY, BUSY!

That is hysterical! Sad but true these days.

Pacita: I considered reposting the video ... you beat me to it! Sadly, what makes it so funny is the impactful truth behind it. Thanks for sharing!

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