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Flashback Friday... Angry Yanks...

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Real Estate Agent with Century 21 Results Realty GA RE Lic # 282060
Reo Speed-Wagon (the truck)
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Last year I was waist deep in dealing with buyers involved in REO properties (bank owned).  Oddly, I have been waist deep in the same process lately.

As mentioned in the older post, some buyers have to go through 6, 8 or 10 (or more) offers in order to land some of these properties.  And when the listing agent, or the seller, requires a pre-qualification from THEIR specific lender in order to offer on the property, that can add up to a lot of credit pulls for the potential buyer... possibly even enough to damage their credit.

The situation seems a little better... but only a little.  We are still running into a lot of bank owned properties that are requiring buyers submit to specific pre-quals from lenders that are either specified to by the seller, or friends/partners of the listing agent.

We have had a little better luck resisting this year, though.  Perhaps the banks are getting the message that this isn't their best idea...

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Andrzej Niemyjski
Realty One Group - Sun City West, AZ

I fully believe that most of those requests were made by listing agents and not the banks itself.  In many cases I seen listing that was owned by Chase Bank and they wanted us to pre-qualify with someone from B of A.

Nov 20, 2010 08:21 AM
Rick Frissell
HomeXpress Realty - Valrico, FL
aka "The Red Baron of Real Estate"

I agree with you that we are seeing less, but I do my best to avoid those listings.  By doing so, we can submit offers with an approval letter.  But, there is always that special house the buyer just has to have. :-(

Nov 20, 2010 10:34 PM
Patty Keller
AnotherME, LLC - Atlanta, GA
AnotherMe - 770-414-9393 - RE Virtual Assistant

So where is all the "shadow inventory" folks have been talking about since August of 2009??  If the banks have so much inventory, you'd think they would want to negotiate and sell quickly.  Oh wait... we're talking about banks... never mind!  (-:

Nov 21, 2010 11:56 PM
Sylvie Dolley
My Home Group Real Estate LLC - Litchfield Park, AZ
CHMS, ePRO, SFR Phoenix Arizona Real Estate 602-32

I have also seen a little less of it in our area this year, however, I agree with Andrcej that it is most likely the listing agents requirement and not the banks since the same thing has happened here.  A specific bank will own a home but the prequail has to be from another lender or a broker of the listing agent's choosing.   I like to avoid those listings as well, however, if a client wants to see one, I let them know of the requirement so they can decide, after all its their credit that takes the hit.

Have a wonderful Thanksgiving!

 

 

Nov 23, 2010 04:40 PM
Sylvie Dolley
My Home Group Real Estate LLC - Litchfield Park, AZ
CHMS, ePRO, SFR Phoenix Arizona Real Estate 602-32

I have also seen a little less of it in our area this year, however, I agree with Andrcej that it is most likely the listing agents requirement and not the banks since the same thing has happened here.  A specific bank will own a home but the prequail has to be from another lender or a broker of the listing agent's choosing.   I like to avoid those listings as well, however, if a client wants to see one, I let them know of the requirement so they can decide, after all its their credit that takes the hit.

Have a wonderful Thanksgiving!

 

 

Nov 23, 2010 04:40 PM
Not a real person
San Diego, CA

With just 36 days left in 2010, Zoey the Cool Cat and I just wanted to stop by and wish you a very Happy Thanksgiving. Hope it’s a great one, with lots of fun and food with family and friends!

Happy Thanksgiving!

Nov 25, 2010 05:07 AM
Gene Riemenschneider
Home Point Real Estate - Brentwood, CA
Turning Houses into Homes

I have not seen much of you Lane, so maybe your are traveling.  I hope you and your family have a wonderful and blessed Thanksgiving.

Nov 25, 2010 06:11 AM
Pam Dent
Gayle Harvey Real Estate, Inc. - Charlottesville, VA
REALTOR® - Charlottesville Virginia Homes / Horse

We do not have much of that in our area, but that may because the majority of our foreclosures are from Fanny and Freddie.

Nov 25, 2010 04:29 PM
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