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BUYING A REO (Bank Real Estate Owned) PROPERTY CAN MAKE AN AGENT GO GREY! PART 2

So we go ahead and write the new offer for a couple grand less than what Big Bank countered, figured it would be fun to mess with them.  This time they responded within 24 hours.....they must have liked that I was getting close to their magical number?.....Of course with the same counter offer as the last one.  What I really like is how they do ttheir counter offers......the listing agent sends you a screen print of the Big Bank web portal.  We wouldn't want the big bank to have to actually come up with an actual written counter offer would we? 

Just a diversion here....but the big bank makes you take a class to be a good REO agent if you want to be a listing agent with them...COST $495......Getting Counter Offers on a web portal.....Priceless!

 Now looking at this blurry screen print of the counter (my buyer is now livid) the only thing that I can tell they agreed to was their magical sales price and of course AGAIN moved the COE another week past what we had asked for........must be corporate policy or there are chimps on the other side of the web portal working at the big bank?.....no one addressed the time for inspections (I need more time for well and septic) and who the heck is to pay the county transfer tax although it is in a window on the web portal that says those items need to be addressed.....

I feel bad for this other agent, she said this all they ever give her.  Wouldn't it be nice to get a counter offer in writing and not screenprints?  So she ends up emailing the big bank to ask them about the two things that we are still hung up on.......and I came up with the bright idea to have the buyers sign a counter offer as if it were really from big bank and submit it with just their magical price on it.  The other agent submitted it.  The big bank must have been on a bank holiday, because it took 48 hours to respond.

The response - Stay tuned to Part III

 

 

3 Comments on Buying REO Properties

I had an offer on an REO die because the property got passed on to another bank which promptly raised their bottom line price by $20,000.

08/09/2007 11:27 AM by Rosario Lewis, GRI ~ DDR Realty, Orange County, NY (DDR Realty)


Not yet, I have done some BPO's for another company.....but dont know if I want to now!

08/09/2007 11:28 AM by Ken Wiseman (Reno Rancho Realty)


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Real Estate Agent: Ken  Wiseman (Reno Rancho Realty)
Ken Wiseman
Reno, NV
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Reno Rancho Realty

Office Phone: (775) 828-9696
Cell Phone: (775) 240-3866
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An entertaining, sarcastic look into the dealings of a broker/owner of Reno Rancho Realty, a comany specializing in horse property, vacant land and foreclosures in Reno, NV


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